[10-Q] AMERISAFE INC Quarterly Earnings Report

Rhea-AI Filing Summary

AMERISAFE (AMSF) reported steady Q3 results. Total revenues were $81.976 million, with net premiums earned of $71.196 million. Net income was $13.818 million (vs. $14.324 million a year ago), and diluted EPS was $0.72 (vs. $0.75). The net combined ratio was 90.6%, indicating profitable underwriting.

Gross premiums written rose 7.2% to $80.321 million, while net investment income decreased to $6.566 million. Loss and LAE incurred were $41.679 million, aided by $8.9 million of favorable prior-year development. Book value per share was $14.47. The company repurchased 30,860 shares for $1.3 million in the quarter. Subsequent to quarter-end, the Board declared a special cash dividend of $1.00 per share and a regular dividend of $0.39 per share, payable on December 12, 2025 to shareholders of record on December 5, 2025.

Insights

P&C Insurance Analyst

Solid underwriting, modest earnings dip; special dividend announced.

AMERISAFE delivered a Q3 net combined ratio of 90.6%, reflecting profitable underwriting. Gross premiums written increased to $80.321M, supporting higher net premiums earned of $71.196M. Net income was $13.818M with diluted EPS of $0.72, slightly below prior year as investment income eased.

Loss activity benefited from $8.9M favorable prior-year development, while net investment income declined to $6.566M. Shareholders’ equity supported book value per share of $14.47. The company repurchased 30,860 shares for $1.3M at an average price of $43.72.

Post-quarter, the Board declared a special dividend of $1.00 and a regular dividend of $0.39, payable on December 12, 2025 to holders of record on December 5, 2025. Actual capital returns and underwriting sustainability will be reflected in subsequent filings.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number:

001-12251

AMERISAFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Texas		75-2069407
(State of Incorporation)		(I.R.S. Employer Identification Number)
2301 Highway 190 West, DeRidder, Louisiana		70634
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (337) 463-9052

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.01 per share		AMSF		NASDAQ

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		☒		Accelerated filer		☐
Non-accelerated filer		☐		Smaller reporting company		☐
				Emerging growth company		☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of October 24, 2025, there were 18,924,399 shares of the Registrant’s common stock, par value $0.01 per share, outstanding.

TABLE OF CONTENTS

			Page
			No.
FORWARD-LOOKING STATEMENTS			3
PART I - FINANCIAL INFORMATION
Item 1		Financial Statements	4
Item 2		Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3		Quantitative and Qualitative Disclosures About Market Risk	29
Item 4		Controls and Procedures	29
PART II - OTHER INFORMATION
Item 2		Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 5		Other Information	31
Item 6		Exhibits	33

2

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. Forward-looking statements are all statements other than statements of historical facts. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and the insurance industry in general. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “could,” “to be,” “anticipate” and similar statements of a future or forward-looking nature identify forward-looking statements.

Forward-looking statements address matters that involve risks and uncertainties. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those expressed or implied in these statements. We believe that these factors include, but are not limited to, the following:

•the cyclical nature of the workers’ compensation insurance industry;

•increased competition on the basis of types of insurance offered, premium rates, coverage availability, payment terms, claims management, safety services, policy terms, overall financial strength, financial ratings and reputation;

•changes in relationships with independent agencies (including retail and wholesale brokers and agents);

•general economic conditions, including recession, inflation, performance of financial markets, interest rates, unemployment rates, fluctuating asset values and global health pandemics;

•developments in capital markets that adversely affect the performance of our investments;

•technology breaches or failures, including those resulting from a malicious cyber attack on the Company or its policyholders and service providers;

•in the industries we target, decreased level of business activity of our policyholders caused by downturn in business activity generally;

•greater frequency or severity of claims and loss activity than our underwriting, reserving or investment practices anticipate based on historical experience or industry data;

•adverse developments in economic, competitive, judicial or regulatory conditions within the workers’ compensation insurance industry;

•loss of the services of any of our senior management or other key employees;

•changes in regulations, laws, rates, rating factors, or taxes applicable to the Company, its policyholders or the agencies that sell its insurance;

•changes in current accounting standards or new accounting standards;

•changes in legal theories of liability under our insurance policies;

•changes in rating agency policies, practices or ratings;

•changes in the availability, cost or quality of reinsurance and the failure of our reinsurers to pay claims in a timely manner or at all;

•the effects of U.S. involvement in hostilities with other countries and large-scale acts of terrorism, or the threat of hostilities or terrorist acts; and

•other risks and uncertainties described in more detail under the heading "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 and from time to time in the Company’s other filings with the Securities and Exchange Commission (SEC).

The foregoing factors should not be construed as exhaustive and should be read together with the other risks described in this report and other factors described under the caption “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 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 made. We undertake no obligation to update or revise any forward-looking statements, which speak only as of the date made, notwithstanding any changes in our assumptions, actual experience or other changes that arise after the date of this report.

3

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

		September 30, 2025				December 31, 2024
		(unaudited)
Assets
Investments:
Fixed maturity securities—held-to-maturity, at amortized cost net of allowance    for credit losses of $80 and $116 in 2025 and 2024, respectively,    (fair value $364,386 and $399,721 in 2025 and 2024, respectively)		$	372,018			$	413,061
Fixed maturity securities—available-for-sale, at fair value    (amortized cost $319,255, allowance for credit losses of $0 in 2025    and amortized cost $318,975, allowance for credit losses of $0 in 2024)			314,604				307,750
Equity securities, at fair value    (cost $31,164 and $36,020 in 2025 and 2024, respectively)			56,568				58,629
Short-term investments			19,090				9,338
Total investments			762,280				788,778
Cash and cash equivalents			54,747				44,045
Amounts recoverable from reinsurers    (net of allowance for credit losses of $281 and $300 in 2025 and 2024, respectively)			113,918				117,019
Premiums receivable    (net of allowance for credit losses of $3,838 and $4,238 in 2025 and 2024, respectively)			167,882				142,659
Deferred income taxes			18,854				19,448
Accrued interest receivable			7,632				7,327
Property and equipment, net			7,270				5,887
Deferred policy acquisition costs			21,758				19,151
Federal income tax recoverable			2,867				2,180
Other assets			7,736				11,297
Total assets		$	1,164,944			$	1,157,791
Liabilities and shareholders’ equity
Liabilities:
Reserves for loss and loss adjustment expenses		$	617,860			$	651,309
Unearned premiums			143,575				121,926
Amounts held for others			37,868				38,657
Policyholder deposits			33,797				33,867
Insurance-related assessments			17,436				14,852
Accounts payable and other liabilities			39,635				38,409
Payable for investments purchased			—				1,430
Total liabilities			890,171				900,450
Shareholders’ equity:
Common stock: voting—$0.01 par value authorized shares—50,000,000    in 2025 and 2024; 20,768,723 and 20,733,166 shares issued; and 18,992,255    and 19,050,315 shares outstanding in 2025 and 2024, respectively			208				207
Additional paid-in capital			225,951				223,956
Treasury stock, at cost (1,776,468 and 1,682,851 shares in 2025 and 2024,    respectively)			(46,195	)			(42,052	)
Accumulated earnings			98,486				84,105
Accumulated other comprehensive loss, net			(3,677	)			(8,875	)
Total shareholders’ equity			274,773				257,341
Total liabilities and shareholders’ equity		$	1,164,944			$	1,157,791

See accompanying notes.

4

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share data)

(unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Revenues
Gross premiums written		$	80,321			$	74,940			$	243,809			$	231,442
Ceded premiums written			(4,334	)			(3,951	)			(12,698	)			(11,904	)
Net premiums written		$	75,987			$	70,989			$	231,111			$	219,538
Net premiums earned		$	71,196			$	67,050			$	209,462			$	204,129
Net investment income			6,566				7,485				19,909				22,298
Net realized gains (losses) on investments			—				158				3,118				(181	)
Net unrealized gains on equity securities			4,117				3,873				2,794				8,591
Fee and other income			97				129				378				177
Total revenues			81,976				78,695				235,661				235,014
Expenses
Loss and loss adjustment expenses incurred			41,679				39,150				122,498				119,765
Underwriting and certain other operating costs			7,586				7,866				21,899				20,450
Commissions			6,199				5,639				18,488				17,438
Salaries and benefits			8,327				7,747				24,070				22,491
Policyholder dividends			712				513				2,585				2,634
Provision for investment related credit loss benefit			(8	)			(13	)			(36	)			(46	)
Total expenses			64,495				60,902				189,504				182,732
Income before income taxes			17,481				17,793				46,157				52,282
Income tax expense			3,663				3,469				9,435				10,040
Net income		$	13,818			$	14,324			$	36,722			$	42,242
Earnings per share
Basic		$	0.73			$	0.75			$	1.93			$	2.21
Diluted		$	0.72			$	0.75			$	1.92			$	2.21
Shares used in computing earnings per share
Basic			18,980,807				19,042,152				19,018,293				19,082,374
Diluted			19,072,061				19,113,103				19,106,556				19,156,976
Cash dividends declared per common share		$	0.39			$	0.37			$	1.17			$	1.11

See accompanying notes.

5

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Net income		$	13,818			$	14,324			$	36,722			$	42,242
Other comprehensive income:
Unrealized gain on debt securities, net of tax			3,884				6,885				5,198				4,519
Comprehensive income		$	17,702			$	21,209			$	41,920			$	46,761

See accompanying notes.

6

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Three Months Ended September 30, 2025 and 2024

(in thousands, except share data)

(unaudited)

		Common Stock								Additional Paid-In				Treasury Stock								Accumulated				Accumulated Other Comprehensive
		Shares				Amounts				Capital				Shares				Amounts				Earnings				Loss				Total
Balance at June 30, 2025			20,764,355			$	208			$	225,674				(1,745,608	)		$	(44,848	)		$	92,097			$	(7,561	)		$	265,570
Comprehensive income:
Net income			—				—				—				—				—				13,818				—				13,818
Other comprehensive    income:
Change in unrealized    losses on debt    securities, net of tax			—				—				—				—				—				—				3,884				3,884
Comprehensive income:																															17,702
Common stock issued			4,368				—				(137	)			—				—				—				—				(137	)
Purchase of treasury stock			—				—				—				(30,860	)			(1,347	)			—				—				(1,347	)
Share-based compensation			—				—				414				—				—				—				—				414
Dividends to shareholders			—				—				—				—				—				(7,429	)			—				(7,429	)
Balance at September 30, 2025			20,768,723			$	208			$	225,951				(1,776,468	)		$	(46,195	)		$	98,486			$	(3,677	)		$	274,773
		Common Stock								Additional Paid-In				Treasury Stock								Accumulated				Accumulated Other Comprehensive
		Shares				Amounts				Capital				Shares				Amounts				Earnings				Loss				Total
Balance at June 30, 2024			20,729,551			$	207			$	223,359				(1,661,265	)		$	(41,042	)		$	128,028			$	(9,560	)		$	300,992
Comprehensive income:
Net income			—				—				—				—				—				14,324				—				14,324
Other comprehensive    income:
Change in unrealized    losses on debt    securities, net of tax			—				—				—				—				—				—				6,885				6,885
Comprehensive income:																															21,209
Common stock issued			3,270				—				(112	)			—				—				—				—				(112	)
Purchase of treasury stock			—				—				—				(21,586	)			(1,008	)			—				—				(1,008	)
Share-based compensation			—				—				358				—				—				—				—				358
Dividends to shareholders			—				—				—				—				—				(7,068	)			—				(7,068	)
Balance at September 30, 2024			20,732,821			$	207			$	223,605				(1,682,851	)		$	(42,050	)		$	135,284			$	(2,675	)		$	314,371

See accompanying notes.

7

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Nine Months Ended September 30, 2025 and 2024

(in thousands, except share data)

(unaudited)

		Common Stock								Additional Paid-In				Treasury Stock								Accumulated				Accumulated Other Comprehensive
		Shares				Amounts				Capital				Shares				Amounts				Earnings				Loss				Total
Balance at December 31, 2024			20,733,166			$	207			$	223,956				(1,682,851	)		$	(42,052	)		$	84,105			$	(8,875	)		$	257,341
Comprehensive income:
Net income			—				—				—				—				—				36,722				—				36,722
Other comprehensive    income:
Change in unrealized    losses on debt    securities, net of tax			—				—				—				—				—				—				5,198				5,198
Comprehensive income:																															41,920
Common stock issued			35,557				1				806				—				—				—				—				807
Purchase of treasury stock			—				—				—				(93,617	)			(4,143	)			—				—				(4,143	)
Share-based compensation			—				—				1,189				—				—				—				—				1,189
Dividends to shareholders			—				—				—				—				—				(22,341	)			—				(22,341	)
Balance at September 30, 2025			20,768,723			$	208			$	225,951				(1,776,468	)		$	(46,195	)		$	98,486			$	(3,677	)		$	274,773
		Common Stock								Additional Paid-In				Treasury Stock								Accumulated				Accumulated Other Comprehensive
		Shares				Amounts				Capital				Shares				Amounts				Earnings				Loss				Total
Balance at December 31, 2023			20,704,448			$	207			$	222,078				(1,569,440	)		$	(36,929	)		$	114,289			$	(7,194	)		$	292,451
Comprehensive income:
Net income			—				—				—				—				—				42,242				—				42,242
Other comprehensive    income:
Change in unrealized    losses on debt    securities, net of tax			—				—				—				—				—				—				4,519				4,519
Comprehensive income:																															46,761
Common stock issued			28,373				—				453				—				—				—				—				453
Purchase of treasury stock			—				—				—				(113,411	)			(5,121	)			—				—				(5,121	)
Share-based compensation			—				—				1,074				—				—				—				—				1,074
Dividends to shareholders			—				—				—				—				—				(21,247	)			—				(21,247	)
Balance at September 30, 2024			20,732,821			$	207			$	223,605				(1,682,851	)		$	(42,050	)		$	135,284			$	(2,675	)		$	314,371

See accompanying notes.

8

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

		Nine Months Ended September 30,
		2025				2024
Operating activities
Net income		$	36,722			$	42,242
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			592				835
Net amortization of investments			491				1,076
Change in investment related allowance for credit losses			(36	)			(46	)
Deferred income taxes			(788	)			(297	)
Net realized (gains) losses on investments			(3,118	)			181
Net unrealized gains on equity securities			(2,794	)			(8,591	)
Net realized losses on disposal of assets			—				209
Share-based compensation			2,621				2,161
Changes in operating assets and liabilities:
Premiums receivable, net			(25,029	)			(22,107	)
Accrued interest receivable			(305	)			82
Deferred policy acquisition costs			(2,607	)			(2,173	)
Amounts held by others			(2	)			—
Other assets			966				(1,487	)
Reserves for loss and loss adjustment expenses			(33,449	)			(10,508	)
Unearned premiums			21,649				15,409
Reinsurance balances			3,118				263
Amounts held for others and policyholder deposits			(859	)			(4,250	)
Federal income taxes recoverable			(687	)			(978	)
Accounts payable and other liabilities			3,962				1,342
Net cash provided by operating activities			447				13,363
Investing activities
Purchases of investments held-to-maturity			—				(5,465	)
Purchases of investments available-for-sale			(26,720	)			(33,956	)
Purchases of equity securities			(254	)			—
Purchases of short-term investments			(13,077	)			(46,957	)
Proceeds from maturities of investments held-to-maturity			43,074				50,988
Proceeds from sales and maturities of investments available-for-sale			24,900				45,532
Proceeds from sales of equity securities			8,232				7,933
Proceeds from sales and maturities of short-term investments			3,504				21,364
Purchases of property and equipment			(1,975	)			(826	)
Net cash provided by investing activities			37,684				38,613
Financing activities
Finance lease purchases			(63	)			(64	)
Share-based compensation related tax withholding			(810	)			(541	)
Purchase of treasury stock			(4,143	)			(5,121	)
Dividends to shareholders			(22,413	)			(21,269	)
Net cash used in financing activities			(27,429	)			(26,995	)
Change in cash and cash equivalents			10,702				24,981
Cash and cash equivalents at beginning of period			44,045				38,682
Cash and cash equivalents at end of period		$	54,747			$	63,663

See accompanying notes.

9

AMERISAFE, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1. Basis of Presentation

AMERISAFE, Inc. (the Company) is an insurance holding company incorporated in the state of Texas. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: American Interstate Insurance Company (AIIC) and its insurance subsidiaries, Silver Oak Casualty, Inc. (SOCI) and American Interstate Insurance Company of Texas (AIICTX), Amerisafe Risk Services, Inc. (RISK) and Amerisafe General Agency, Inc. (AGAI). AIIC and SOCI are property and casualty insurance companies organized under the laws of the state of Nebraska. AIICTX is a property and casualty insurance company organized under the laws of the state of Texas. RISK is a claims and safety service company currently servicing only affiliated insurance companies. AGAI is a general agent for the Company. AGAI sells insurance, which is underwritten by AIIC, SOCI and AIICTX, as well as by nonaffiliated insurance carriers.

The terms “AMERISAFE,” the “Company,” “we,” “us” or “our” refer to AMERISAFE, Inc. and its consolidated subsidiaries, as the context requires.

The Company provides workers’ compensation insurance for small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, manufacturing, maritime, and telecommunications. Assets and revenues of AIIC and its subsidiaries represent at least 95% of comparable consolidated amounts of the Company for each of the nine months ended September 30, 2025 and 2024.

In the opinion of management of the Company, the accompanying unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, the results of operations and cash flows for the periods presented. The unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934, as amended (the Exchange Act), and therefore do not include all information and footnotes to be in conformity with accounting principles generally accepted in the United States (GAAP). The results for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited consolidated financial statements contained herein should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2024.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of our assets, liabilities, revenues and expenses and related disclosures. Some of the estimates result from judgments that can be subjective and complex and, consequently, actual results in future periods might differ from these estimates.

Adopted Accounting Guidance

The Company has not adopted any new accounting guidance in 2025.

Prospective Accounting Guidance

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2023-09, Improvements to Income Tax Disclosures, that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for our Annual Report on Form 10-K for the year ended December 31, 2025. Early adoption of the new standard is permitted; however, we have not elected to early-adopt the standard. Prospective application is required, with retrospective application permitted. We have analyzed the impacts and will provide the required disclosures upon adoption.

In November 2024, the FASB issued Accounting Standards Update 2024-03, Expense Disaggregation Disclosures, which requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The guidance is effective for our Annual Report on Form 10-K for the year ended December 31, 2027, and interim reporting periods beginning in 2028. Early adoption of the new standard is permitted; however, we have not elected to early-adopt the standard. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement.

Note 2. Restricted Stock, Restricted Stock Units, and Stock Options

As of September 30, 2025, the Company has three equity incentive plans: the AMERISAFE Non-Employee Director Restricted Stock Plan (the Restricted Stock Plan), the AMERISAFE 2012 Equity and Incentive Compensation Plan (the 2012 Incentive Plan) and the 2022 Equity and Incentive Compensation Plan (the 2022 Incentive Plan). In connection with the approval of the 2022 Incentive Plan by the Company’s shareholders at the annual meeting of shareholders in June 2022, no further grants will be made under the 2012 Incentive Plan. All grants made under the 2012 Incentive Plan will continue in effect, subject to the terms and conditions of the

10

2012 Incentive Plan. See Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional information regarding the Company’s incentive plans.

During the nine months ended September 30, 2025, the Company issued 19,737 shares of common stock to executive officers pursuant to vested performance awards and 4,368 restricted stock units to officers. During the nine months ended September 30, 2025, the Company awarded 11,452 shares of restricted common stock to non-employee directors. The market value of these shares totaled $1.6 million. During the nine months ended September 30, 2024, the Company issued 12,993 shares of common stock to executive officers pursuant to vested performance awards and 3,270 restricted stock units to officers. During the nine months ended September 30, 2024, the Company awarded 12,110 shares of restricted common stock to non-employee directors. The market value of these shares totaled $1.2 million.

The Company had no stock options outstanding as of September 30, 2025.

The Company recognized share-based compensation expense of $0.8 million in the quarter ended September 30, 2025 and $0.8 million in the same period in 2024. The Company recognized share-based compensation expense of $2.6 million in the nine months ended September 30, 2025 and $2.2 million in the same period in 2024.

Note 3. Earnings Per Share

The Company computes earnings per share (EPS) in accordance with FASB Accounting Standards Codification (ASC) Topic 260, Earnings Per Share. The Company has no participating unvested shares of common stock which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted EPS.

Basic EPS is calculated by dividing net income by the weighted-average number of shares of common stock outstanding during the period.

The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any restricted stock or RSUs vest.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
		(in thousands, except share and per share amounts)
Basic EPS:
Net income		$	13,818			$	14,324			$	36,722			$	42,242
Basic weighted average common shares			18,980,807				19,042,152				19,018,293				19,082,374
Basic earnings per common share		$	0.73			$	0.75			$	1.93			$	2.21
Diluted EPS:
Net income		$	13,818			$	14,324			$	36,722			$	42,242
Diluted weighted average common shares:
Weighted average common shares			18,980,807				19,042,152				19,018,293				19,082,374
Restricted stock and RSUs			91,254				70,951				88,263				74,602
Diluted weighted average common shares			19,072,061				19,113,103				19,106,556				19,156,976
Diluted earnings per common share		$	0.72			$	0.75			$	1.92			$	2.21

11

Note 4. Investments

The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at September 30, 2025 are summarized as follows:

		Amortized Cost				Allowance for Credit Losses				Carrying Amount				Gross Unrecognized Gains				Gross Unrecognized Losses				Fair Value
		(in thousands)
States and political subdivisions		$	339,321			$	(24	)		$	339,297			$	1,399			$	(8,302	)		$	332,394
Corporate bonds			21,733				(56	)			21,677				4				(530	)			21,151
U.S. agency-based mortgage-backed securities			2,490				—				2,490				25				(93	)			2,422
U.S. Treasury securities and obligations    of U.S. government agencies			8,545				—				8,545				8				(143	)			8,410
Asset-backed securities			9				—				9				—				—				9
Totals		$	372,098			$	(80	)		$	372,018			$	1,436			$	(9,068	)		$	364,386

The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at September 30, 2025 are summarized as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Allowance for Credit Losses
		(in thousands)
States and political subdivisions		$	167,375			$	592			$	(6,344	)		$	161,623			$	—
Corporate bonds			132,868				2,767				(813	)			134,822				—
U.S. agency-based mortgage-backed securities			4,097				—				(337	)			3,760				—
U.S. Treasury securities and obligations    of U.S. government agencies			14,915				—				(516	)			14,399				—
Totals		$	319,255			$	3,359			$	(8,010	)		$	314,604			$	—

The cost, gross unrealized gains and losses, and the fair value of equity securities at September 30, 2025 are summarized as follows:

		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(in thousands)
Equity securities:
Domestic common stock - Exchange Traded Funds		$	31,164			$	25,404			$	—			$	56,568
Total equity securities		$	31,164			$	25,404			$	—			$	56,568

The amortized cost, allowance for credit losses, carrying amount, gross unrecognized gains and losses, and the fair value of those investments classified as held-to-maturity at December 31, 2024 are summarized as follows:

		Amortized Cost				Allowance for Credit Losses				Carrying Amount				Gross Unrecognized Gains				Gross Unrecognized Losses				Fair Value
		(in thousands)
States and political subdivisions		$	368,056			$	(30	)		$	368,026			$	1,810			$	(13,568	)		$	356,268
Corporate bonds			33,849				(86	)			33,763				6				(1,099	)			32,670
U.S. agency-based mortgage-backed securities			2,781				—				2,781				11				(149	)			2,643
U.S. Treasury securities and obligations    of U.S. government agencies			8,478				—				8,478				11				(362	)			8,127
Asset-backed securities			13				—				13				—				—				13
Totals		$	413,177			$	(116	)		$	413,061			$	1,838			$	(15,178	)		$	399,721

12

The amortized cost, gross unrealized gains and losses, fair value, and the allowance for credit losses of those investments classified as available-for-sale at December 31, 2024 are summarized as follows:

		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value				Allowance for Credit Losses
		(in thousands)
States and political subdivisions		$	156,488			$	148			$	(8,430	)		$	148,206			$	—
Corporate bonds			143,070				1,248				(2,783	)			141,535				—
U.S. agency-based mortgage-backed securities			4,545				—				(486	)			4,059				—
U.S. Treasury securities and obligations    of U.S. government agencies			14,872				—				(922	)			13,950				—
Totals		$	318,975			$	1,396			$	(12,621	)		$	307,750			$	—

The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2024 are summarized as follows:

		Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(in thousands)
Equity securities:
Domestic common stock - Exchange Traded Funds		$	36,020			$	22,609			$	—			$	58,629
Total equity securities		$	36,020			$	22,609			$	—			$	58,629

A summary of the carrying amounts and fair value of investments in fixed maturity securities classified as held-to-maturity, by contractual maturity, is as follows:

		September 30, 2025								December 31, 2024
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(in thousands)
Maturity:
Within one year		$	37,236			$	37,130			$	49,303			$	48,831
After one year through five years			83,176				81,264				93,087				89,418
After five years through ten years			115,415				112,555				115,307				109,812
After ten years			133,692				131,006				152,570				149,004
U.S. agency-based mortgage-backed securities			2,490				2,422				2,781				2,643
Asset-backed securities			9				9				13				13
Totals		$	372,018			$	364,386			$	413,061			$	399,721

A summary of the amortized cost and fair value of investments in fixed maturity securities classified as available-for-sale, by contractual maturity, is as follows:

		September 30, 2025								December 31, 2024
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
		(in thousands)
Maturity:
Within one year		$	29,594			$	29,404			$	23,944			$	23,806
After one year through five years			86,600				86,290				97,996				95,500
After five years through ten years			73,902				73,265				71,233				68,494
After ten years			125,062				121,885				121,257				115,891
U.S. agency-based mortgage-backed securities			4,097				3,760				4,545				4,059
Totals		$	319,255			$	314,604			$	318,975			$	307,750

13

The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of September 30, 2025.

		Less Than 12 Months								12 Months or Greater								Total
		Fair Value of Investments with Unrealized Losses				Gross Unrealized Losses				Fair Value of Investments with Unrealized Losses				Gross Unrealized Losses				Fair Value of Investments with Unrealized Losses				Gross Unrealized Losses
		(in thousands)
September 30, 2025
Available-for-Sale
States and political subdivisions		$	35,227			$	973			$	76,122			$	5,371			$	111,349			$	6,344
Corporate bonds			8,897				10				32,160				803				41,057				813
U.S. agency-based mortgage-backed securities			—				—				3,760				337				3,760				337
U.S. Treasury securities and obligations    of U.S. government agencies			—				—				14,399				516				14,399				516
Total available-for-sale securities		$	44,124			$	983			$	126,441			$	7,027			$	170,565			$	8,010

At September 30, 2025, we held 152 individual fixed maturity securities classified as available-for-sale that were in an unrealized loss position.

The following table summarizes the fair value and gross unrealized losses on securities classified as available-for-sale, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position as of December 31, 2024.

		Less Than 12 Months								12 Months or Greater								Total
		Fair Value of Investments with Unrealized Losses				Gross Unrealized Losses				Fair Value of Investments with Unrealized Losses				Gross Unrealized Losses				Fair Value of Investments with Unrealized Losses				Gross Unrealized Losses
		(in thousands)
December 31, 2024
Available-for-Sale
States and political subdivisions		$	100,190			$	5,748			$	27,446			$	2,682			$	127,636			$	8,430
Corporate bonds			71,069				1,790				19,000				993				90,069				2,783
U.S. agency-based mortgage-backed securities			3,840				446				219				40				4,059				486
U.S. Treasury securities and obligations    of U.S. government agencies			—				—				13,950				922				13,950				922
Total available-for-sale securities		$	175,099			$	7,984			$	60,615			$	4,637			$	235,714			$	12,621

The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the quarter ended September 30, 2025.

		States and Political Subdivisions				Corporate Bonds				U.S. Agency -Based Mortgage- Backed Securities				U.S. Treasury Securities and Obligations of U.S. Government Agencies				Asset-Backed Securities				Totals
		(in thousands)
Balance at June 30, 2025		$	27			$	61			$	—			$	—			$	—			$	88
Provision for credit loss benefit			(3	)			(5	)			—				—				—				(8	)
Balance at September 30, 2025		$	24			$	56			$	—			$	—			$	—			$	80

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The following table illustrates the changes in the allowance for credit losses by major security type of the investments classified as held-to-maturity for the nine months ended September 30, 2025.

		States and Political Subdivisions				Corporate Bonds				U.S. Agency -Based Mortgage- Backed Securities				U.S. Treasury Securities and Obligations of U.S. Government Agencies				Asset-Backed Securities				Totals
		(in thousands)
Balance at December 31, 2024		$	30			$	86			$	—			$	—			$	—			$	116
Provision for credit loss benefit			(6	)			(30	)			—				—				—				(36	)
Balance at September 30, 2025		$	24			$	56			$	—			$	—			$	—			$	80

As of September 30, 2025, the Company has established an allowance for credit losses on 277 held-to-maturity securities totaling $0.1 million. Most of those securities were issued by states and political subdivisions (265 securities) and corporate bonds (11 securities).

The Company had no allowance for credit losses on investments classified as available-for-sale for the period ended September 30, 2025.

The credit rating used for held-to-maturity fixed income securities is the rating for each security as published by Moody’s, Standard and Poor's, and Fitch to determine the probability of default. If there are two ratings, the lower rating is used. If there are three ratings, the median rating is used. If there is one rating, that rating is used. For corporate fixed income securities (given a rating), the probability of default comes from Moody’s annual study of corporate bond defaults published each February. The maximum maturity using the default rate is 20 years (any maturity greater than 20 years will use the 20-year rate). For municipal fixed income securities (given a rating), the probability of default comes from Moody’s study of municipal bond defaults published annually.

The calculation of the credit loss allowance takes the amortized cost of the fixed income security and assumes default and recovery based on the average recovery rates from the Moody’s default studies. The amortized cost of the security, plus any accrued interest, minus the amount recovered, is the estimated full amount the Company could lose in a default scenario. This amount is then multiplied by the probability of default to determine the allowance for credit loss. The lower the security is rated, the higher likelihood of default, and therefore a higher allowance for credit loss. The longer to the maturity date of a security, the higher the default risk.

The table below presents the amortized cost of held-to-maturity securities aggregated by credit quality indicator as of September 30, 2025.

		States and Political Subdivisions				Corporate Bonds				U.S. Agency -Based Mortgage- Backed Securities				U.S. Treasury Securities and Obligations of U.S. Government Agencies				Asset-Backed Securities				Totals
		Amortized Cost
		(in thousands)
AAA/AA/A ratings		$	339,321			$	9,886			$	2,490			$	8,545			$	—			$	360,242
Baa/BBB ratings			—				11,847				—				—				9				11,856
Total		$	339,321			$	21,733			$	2,490			$	8,545			$	9			$	372,098

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Net realized gains in the quarter ended September 30, 2025 were immaterial and net realized gains in the quarter ended September 30, 2024 were $0.2 million, both resulting from the sales of equity and fixed maturity securities classified as available-for-sale.

Net realized gains in the nine months ended September 30, 2025 were $3.1 million and net realized losses in the nine months ended September 30, 2024 were $0.2 million, both resulting primarily from the sales of equity and fixed maturity securities classified as available-for-sale.

During the third quarter of 2025, we recognized through income $4.1 million of net unrealized gains on equity securities. During the third quarter of 2024, we recognized through income $3.9 million of net unrealized gains on equity securities.

During the nine months ended September 30, 2025, we recognized through income $2.8 million of net unrealized gains on equity securities. During the nine months ended September 30, 2024, we recognized through income $8.6 million of net unrealized gains on equity securities.

Investment income is recognized as it is earned. The discount or premium on fixed maturity securities is amortized using the “constant yield” method. Anticipated prepayments, where applicable, are considered when determining the amortization of premiums or discounts. Realized investment gains and losses are determined using the specific identification method.

The Company invests in Exchange Traded Funds with the objective of diversifying portfolio holdings.

Note 5. Income Taxes

In accordance with FASB ASC Topic 740, “Income Taxes,” we provide for the recognition and measurement of deferred income tax benefits based on the likelihood of their realization in future years. As of September 30, 2025 and 2024, we had no valuation allowance against our deferred income tax assets and liabilities.

Income tax expense from operations is different from the amount computed by applying the U.S. federal income tax statutory rate of 21% to income before income taxes primarily due to the impact of tax-exempt investment income and state income tax accruals.

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. There were no uncertain tax positions for either of the periods ended September 30, 2025 and 2024.

Tax years 2022 through 2025 are subject to examination by the federal and state taxing authorities.

Note 6. Loss Reserves

We record reserves for estimated losses under insurance policies that we write and for loss adjustment expenses related to the investigation and settlement of policy claims. Our reserves for loss and loss adjustment expenses represent the estimated cost of all reported and unreported loss and loss adjustment expenses incurred and unpaid as of a given point in time. The reserves for loss and loss adjustment expenses are estimated using individual case-basis valuations, statistical analyses and estimates based upon experience for unreported claims and their associated loss and loss adjustment expenses. Such estimates may be more or less than the amounts ultimately paid when the claims are settled. The estimates are subject to the effects of trends in loss severity and frequency. Although considerable variability is inherent in these estimates, management believes that the reserves for loss and loss adjustment expenses are adequate. The estimates are continually reviewed internally and periodically evaluated with our independent actuary. Adjustments are made as experience develops and new information becomes known. Any such adjustments are included in income from current operations. See Note 9 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional information regarding our loss and loss adjustment expense development.

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The following table provides the Company’s liability for unpaid loss and loss adjustment expenses, net of related amounts recoverable from reinsurers, for the nine months ended September 30, 2025 and 2024:

		Nine Months Ended September 30,
		2025				2024
		(in thousands)
Balance, beginning of period		$	651,309			$	673,994
Less amounts recoverable from reinsurers    on unpaid loss and loss adjustment expenses			112,742				119,746
Net balance, beginning of period			538,567				554,248
Add incurred related to:
Current accident year			148,718				144,931
Prior accident years			(26,220	)			(25,166	)
Total incurred			122,498				119,765
Less paid related to:
Current accident year			35,765				29,872
Prior accident years			116,876				102,082
Total paid			152,641				131,954
Net balance, end of period			508,424				542,059
Add amounts recoverable from reinsurers    on unpaid loss and loss adjustment expenses			109,436				121,427
Balance, end of period		$	617,860			$	663,486

The foregoing reconciliation reflects favorable development of the net reserves at September 30, 2025 and September 30, 2024. The favorable development reduced loss and loss adjustment expenses incurred by $26.2 million and $25.2 million during each of the first nine months of 2025 and 2024, respectively. The revisions to the Company’s reserves reflect new information gained by claims adjusters in the normal course of adjusting claims and is reflected in the financial statements when the information becomes available. It is typical for more serious claims to take several years or longer to settle and the Company continually revises estimates as more information about claimants’ medical conditions and potential disability becomes known and the claims get closer to being settled. Multiple factors can cause loss development both unfavorable and favorable. The favorable loss development we experienced across accident years was largely due to two factors: (1) lower than expected severity of injuries in these accident years compared to our original and revised estimates; and (2) favorable case reserve development from closed claims and claims where the worker had reached maximum medical improvement. We believe the favorable case reserve development resulted primarily from an intensive claims management focus with the Company actively seeking to settle claims.

The table below presents the change in the allowance for credit losses on amounts recoverable from reinsurers for the three and nine months ended September 30, 2025 and 2024.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
		(in thousands)
Balance, beginning of period		$	290			$	322			$	300			$	360
Provision for credit loss expense (benefit)			(9	)			8				(19	)			(30	)
Balance, end of period		$	281			$	330			$	281			$	330

Note 7. Comprehensive Income and Accumulated Other Comprehensive Loss

Comprehensive income includes net income plus unrealized gains on our available-for-sale investment securities, net of tax. In reporting comprehensive income on a net basis in the statements of comprehensive income, we used a 21% tax rate in 2025 and 2024. The difference between net income as reported and comprehensive income was due primarily to changes in unrealized gains, net of tax on available-for-sale debt securities.

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The following table illustrates the changes in the balance of each component of accumulated other comprehensive loss for each period presented in the interim financial statements.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
		(in thousands)
Balance, beginning of period		$	(7,561	)		$	(9,560	)		$	(8,875	)		$	(7,194	)
Other comprehensive income before    reclassification			3,816				6,914				4,768				4,411
Amounts reclassified from accumulated other    comprehensive loss			68				(29	)			430				108
Net current period other comprehensive    income			3,884				6,885				5,198				4,519
Balance, end of period		$	(3,677	)		$	(2,675	)		$	(3,677	)		$	(2,675	)

The sale or credit loss allowance adjustment of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive loss to current period net income. The effects of reclassifications out of accumulated other comprehensive loss by the respective line items of net income are presented in the following table.

Component of Accumulated Other		Three Months Ended								Nine Months Ended								Affected line item in the
Comprehensive Loss		September 30,								September 30,								statement of income
		2025				2024				2025				2024
		(in thousands)
Unrealized gains (losses) on    debt securities, net of tax		$	(86	)		$	37			$	(545	)		$	(136	)		Net realized gains (losses)    on investments
			(86	)			37				(545	)			(136	)		Income before income taxes
Unrealized gains (losses) on    debt securities, net of tax			18				(8	)			115				28			Income tax expense
		$	(68	)		$	29			$	(430	)		$	(108	)		Net income

Note 8. Fair Values of Financial Instruments

The Company carries available-for-sale securities and equity securities at fair value in our consolidated financial statements and determines fair value measurements and disclosure in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures.

The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements.

Fair value is defined in ASC Topic 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is the price to sell an asset or transfer a liability and, therefore, represents an exit price, not an entry price. Fair value is the exit price in the principal market (or, if lacking a principal market, the most advantageous market) in which the reporting entity would transact. Fair value is a market-based measurement, not an entity-specific measurement, and, as such, is determined based on the assumptions that market participants would use in pricing the asset or liability. The exit price objective of a fair value measurement applies regardless of the reporting entity’s intent and/or ability to sell the asset or transfer the liability at the measurement date.

ASC Topic 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset, also known as current replacement cost. Valuation techniques used to measure fair value are to be consistently applied.

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In ASC Topic 820, inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable:

•Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.

•Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Valuation techniques used to measure fair value are intended to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels:

•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

•Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data.

•Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are to be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters.

The fair values of the Company’s investments are based upon prices provided by an independent pricing service. The Company has reviewed these prices for reasonableness and has not adjusted any prices received from the independent provider. Securities reported at fair value utilizing Level 1 inputs represent assets whose fair value is determined based upon observable unadjusted quoted market prices for identical assets in active markets. Securities reported at fair value using Level 2 inputs represent assets whose fair value is determined using observable market information such as previous day trade prices, quotes from less active markets or quoted prices of securities with similar characteristics. There were no transfers between Level 1 and Level 2 during the nine months ended September 30, 2025.

At September 30, 2025, assets measured at fair value on a recurring basis are summarized below:

		September 30, 2025
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Financial instruments carried at fair value, classified as a part of:
Securities available-for-sale—fixed maturity:
States and political subdivisions		$	—			$	161,623			$	—			$	161,623
Corporate bonds			—				134,822				—				134,822
U.S. agency-based mortgage-backed securities			—				3,760				—				3,760
U.S. Treasury securities			14,399				—				—				14,399
Total securities available-for-sale—fixed maturity			14,399				300,205				—				314,604
Equity securities:
Domestic common stock - Exchange Traded Funds			56,568				—				—				56,568
Total		$	70,967			$	300,205			$	—			$	371,172

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At September 30, 2025, assets measured at amortized cost net of allowance for credit losses are summarized below:

		September 30, 2025
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	332,394			$	—			$	332,394
Corporate bonds			—				21,151				—				21,151
U.S. agency-based mortgage-backed securities			—				2,422				—				2,422
U.S. Treasury securities			8,410				—				—				8,410
Asset-backed securities			—				9				—				9
Total held-to-maturity		$	8,410			$	355,976			$	—			$	364,386

At December 31, 2024, assets measured at fair value on a recurring basis are summarized below:

		December 31, 2024
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Financial instruments carried at fair value, classified as a part of:
Securities available-for-sale—fixed maturity:
States and political subdivisions		$	—			$	148,206			$	—			$	148,206
Corporate bonds			—				141,535				—				141,535
U.S. agency-based mortgage-backed securities			—				4,059				—				4,059
U.S. Treasury securities			13,950				—				—				13,950
Total securities available-for-sale—fixed maturity		$	13,950			$	293,800			$	—			$	307,750
Equity securities:
Domestic common stock - Exchange Traded Funds			58,629				—				—				58,629
Total		$	72,579			$	293,800			$	—			$	366,379

At December 31, 2024, assets measured at amortized cost net of allowance for credit losses are summarized below:

		December 31, 2024
		Level 1 Inputs				Level 2 Inputs				Level 3 Inputs				Total Fair Value
		(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions		$	—			$	356,268			$	—			$	356,268
Corporate bonds			—				32,670				—				32,670
U.S. agency-based mortgage-backed securities			—				2,643				—				2,643
U.S. Treasury securities			8,127				—				—				8,127
Asset-backed securities			—				13				—				13
Total held-to-maturity		$	8,127			$	391,594			$	—			$	399,721

The Company determines fair value amounts for financial instruments using available third-party market information. When such information is not available, the Company determines the fair value amounts using appropriate valuation methodologies. Nonfinancial instruments such as real estate, property and equipment, deferred policy acquisition costs, deferred income taxes and loss and loss adjustment expense reserves are excluded from the fair value disclosure.

Cash and Cash Equivalents —The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values, which are characterized as Level 1 assets.

Investments —The fair values for fixed maturity and equity securities are based on prices obtained from an independent pricing service. Equity and treasury securities are characterized as Level 1 assets, as their fair values are based on quoted prices in active markets. Fixed maturity securities, other than treasury securities, are characterized as Level 2 assets, as their fair values are determined using observable market inputs.

Short Term Investments —The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values. These securities are characterized as Level 2 assets in the fair value hierarchy.

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The following table summarizes the carrying amounts and corresponding fair values for financial instruments:

		As of September 30, 2025								As of December 31, 2024
		Carrying Amount				Fair Value				Carrying Amount				Fair Value
		(in thousands)
Assets:
Fixed maturity securities—held-to-maturity		$	372,018			$	364,386			$	413,061			$	399,721
Fixed maturity securities—available-for-sale			314,604				314,604				307,750				307,750
Equity securities			56,568				56,568				58,629				58,629
Short-term investments			19,090				19,090				9,338				9,338
Cash and cash equivalents			54,747				54,747				44,045				44,045

Note 9. Treasury Stock

The Company’s Board of Directors (the Board) initiated a share repurchase program in February 2010. In July 2025, the Board reauthorized this program with a limit of $25.0 million with no expiration date. As of September 30, 2025, $24.9 million was available for future repurchases under the share repurchase program. The repurchases may be effected from time to time pursuant to trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act. The share repurchase program does not obligate the Company to repurchase any shares of the Company's common stock and may be modified, increased, suspended or terminated at the discretion of the Board. The Board's determinations will depend on a variety of factors including, but not limited to, the market conditions and applicable regulatory considerations. It is anticipated that any future repurchases will be funded from available capital.

During the three months ended September 30, 2025, the Company repurchased 30,860 shares of its common stock under the share repurchase program for $1.3 million, or an average price of $43.72 per share, including commissions and excise tax. During the nine months ended September 30, 2025, the Company repurchased 93,617 shares of its common stock under the share repurchase program for $4.1 million, or an average price of $44.26 per share, including commissions and excise tax.

During the three months ended September 30, 2024, the Company repurchased 21,586 shares of its common stock under the share repurchase program for 1.0 million, or an average price of $46.79 per share, including commissions and excise tax. During the nine months ended September 30, 2024, the Company repurchased 113,411 shares of its common stock under the share repurchase program for $5.1 million, or an average price of $45.16 per share, including commissions and excise tax.

Note 10. Segment Reporting

The Company operates as a single reportable segment, Insurance Operations, through our wholly-owned subsidiaries. Profits, losses and assets are evaluated on a consolidated basis.

We are a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in high hazard industries. Our Insurance Operations segment derives premium revenues from the sales of workers’ compensation insurance through independent agencies, including retail and wholesale brokers and agents. The accounting policies of the Insurance Operations are the same as those described in the "Summary of Significant Accounting Policies" in Note 1 to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

Two of the key financial measures used to evaluate our performance are return on average equity and growth in book value per share. We calculate return on average equity by dividing annual net income by the average of annual shareholders’ equity. We calculate book value per share by dividing ending shareholders’ equity by the number of common shares outstanding.

The measure of segment assets is reported on the balance sheet as total consolidated assets.

The Company does not have intra-entity sales or asset transfers.

The Company is a monoline insurance company operating solely within the U.S. and does not have revenue from transactions with a single policyholder accounting for 10% or more of its revenues.

There are no differences from our Annual Report on Form 10-K for the year ended December 31, 2024 in the basis of segmentation or in the basis of measurement of segment profit or loss.

Note 11. Subsequent Events

On October 28, 2025, the Board declared a special cash dividend of $1.00 per share and a regular cash dividend of $0.39 per share, payable on December 12, 2025 to shareholders of record as of December 5, 2025. The Board considers the declaration and

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payment of a regular cash dividend each calendar quarter, and any such declaration and payment of dividends is at the discretion of the Board.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The financial and business analysis below provides information which the Company believes is relevant to an assessment and understanding of its consolidated financial position, results of operations and cash flows. The following discussion should be read in conjunction with the accompanying unaudited consolidated financial statements and the related notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q, together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. This discussion includes forward-looking statements that are not guarantees of future performance and are not necessarily indicative of future operating results. See “Forward-Looking Statements” in Part I above for further discussion.

The terms “AMERISAFE,” the “Company,” “we,” “us” or “our” refer to AMERISAFE, Inc. and its consolidated subsidiaries, as the context requires.

Business Overview

AMERISAFE is a holding company that markets and underwrites workers’ compensation insurance through its insurance subsidiaries. Workers’ compensation insurance covers statutorily prescribed benefits that employers are obligated to provide to their employees who are injured in the course and scope of their employment. Our business strategy is focused on providing this coverage to small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, manufacturing, maritime, and telecommunications. Employers engaged in hazardous industries typically pay substantially higher than average rates for workers’ compensation insurance compared to employers in other industries, as measured per payroll dollar. These higher premium rates are due to the nature of the work performed and the inherent workplace danger of our target employers. Hazardous industry employers also tend to have less frequent but more severe claims as compared to employers in other industries due to the nature of their businesses. We provide proactive safety reviews of most employers’ workplaces. These safety reviews are a vital component of our underwriting process and are aimed at promoting safer workplaces. We utilize intensive claims management practices that we believe permit us to effectively manage the overall cost of our claims. In addition, our audit services ensure that our policyholders pay the appropriate premiums required under the terms of their policies and enable us to monitor payroll patterns that cause underwriting, safety or fraud concerns. 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.

We actively market our insurance in 27 states through independent agencies (including retail and wholesale brokers and agents), as well as through our wholly owned insurance agency subsidiary. We are also licensed in an additional 20 states, the District of Columbia, and the U.S. Virgin Islands.

Critical Accounting Policies

Understanding our accounting policies is key to understanding our financial statements. Management considers some of these policies to be very important to the presentation of our financial results because they require us to make significant estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures. Some of the estimates result from judgments that can be subjective and complex and, consequently, actual results in future periods might differ from these estimates.

Management believes that the most critical accounting policies relate to the reporting of reserves for loss and loss adjustment expenses, including losses that have occurred but have not been reported prior to the reporting date, amounts recoverable from reinsurers, premiums receivable, assessments, deferred policy acquisition costs, deferred income taxes, credit losses on investment securities, and share-based compensation. These critical accounting policies are more fully described in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2024. We have not changed any of these policies from those previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

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Results of Operations

The following table summarizes our consolidated financial results for the three and nine months ended September 30, 2025 and 2024.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
		(dollars in thousands, except percentages and per share data)
		(unaudited)
Gross premiums written		$	80,321			$	74,940			$	243,809			$	231,442
Net premiums earned			71,196				67,050				209,462				204,129
Net investment income			6,566				7,485				19,909				22,298
Total revenues			81,976				78,695				235,661				235,014
Total expenses			64,495				60,902				189,504				182,732
Net income			13,818				14,324				36,722				42,242
Diluted earnings per common share		$	0.72			$	0.75			$	1.92			$	2.21
Other Key Measures
Net combined ratio (1)			90.6	%			90.9	%			90.5	%			89.6	%
Return on average equity (2)			20.5	%			18.6	%			18.4	%			18.6	%
Book value per share (3)		$	14.47			$	16.50			$	14.47			$	16.50

(1)The net combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, underwriting and certain other operating costs, commissions, salaries and benefits, and policyholder dividends by net premiums earned in the current period. The net combined ratio is a key measure of underwriting performance traditionally used in the insurance industry. A net combined ratio under 100% generally reflects profitable underwriting results.

(2)Return on average equity is calculated by dividing the annualized net income by the average shareholders’ equity for the applicable period.

(3)Book value per share is calculated by dividing shareholders’ equity by the total outstanding shares of our common stock as of the end of the reported period.

Consolidated Results of Operations for Three Months Ended September 30, 2025 Compared to September 30, 2024

Gross Premiums Written. Gross premiums written for the quarter ended September 30, 2025 were $80.3 million, compared to $74.9 million for the same period in 2024, an increase of 7.2%. The increase was attributable to a $7.3 million increase in voluntary premiums on policies written during the period. The increase was partially offset by a $1.5 million decrease in premiums resulting from payroll audits and related premium adjustments for policies written in previous quarters and a $0.4 million decrease in residual market premiums.

Net Premiums Written. Net premiums written for the quarter ended September 30, 2025 were $76.0 million, compared to $71.0 million for the same period in 2024, an increase of 7.0%. The increase was primarily attributable to the increase in gross premiums written. As a percentage of gross premiums earned, ceded premiums were 5.7% for the third quarter of 2025 compared to 5.6% for the third quarter of 2024. The increase in ceded premiums as a percentage of gross premiums earned is a result of a change in our 2025 reinsurance treaties. For additional information, see Item 1, “Business—Reinsurance” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Net Premiums Earned. Net premiums earned for the third quarter of 2025 were $71.2 million, compared to $67.1 million for the same period in 2024, an increase of 6.2%. The increase was primarily attributable to the increase in net premiums written during the period.

Net Investment Income. Net investment income for the quarter ended September 30, 2025 was $6.6 million, compared to $7.5 million for the same period in 2024, a decrease of 12.3%. The decrease was due to lower average invested asset balances in the period compared to the same period in the prior year. Average invested assets, including cash and cash equivalents, were $811.2 million in the quarter ended September 30, 2025 compared to an average of $893.3 million for the same period in 2024, a decrease of 9.2%. The pre-tax investment yield on our investment portfolio was 3.2% per annum during the quarter ended September 30, 2025 compared to 3.4% per annum for the same period in 2024. The tax-equivalent yield on our investment portfolio was 3.9% per annum for the quarter ended September 30, 2025 compared to 3.8% per annum for the same period in 2024. The tax-equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate.

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Net Realized Gains (Losses) on Investments. Net realized gains in the quarter ended September 30, 2025 were immaterial compared to net realized gains of $0.2 million for the same period in 2024. The net realized gains in the third quarter of 2024 were mostly attributable to the redemption of fixed maturity securities.

Net Unrealized Gains on Equity Securities. The market value of our equity securities increased by $4.1 million for the three months ended September 30, 2025 compared to an increase of $3.9 million for the same period in 2024.

Loss and Loss Adjustment Expenses Incurred. Loss and loss adjustment expenses (LAE) incurred totaled $41.7 million for the three months ended September 30, 2025, compared to $39.2 million for the same period in 2024, an increase of $2.5 million, or 6.5%. The current accident year loss and LAE incurred totaled $50.6 million for the three months ended September 30, 2025, compared to $47.6 million for the same period in 2024. As of September 30, 2025, our initial estimate for loss and LAE for accident years 2025 and 2024 remains at 71.0% of net premiums earned, and is based on long-term claim frequency and severity trends, as well as medical inflation. We recorded favorable prior accident year development of $8.9 million in the third quarter of 2025, compared to favorable prior accident year development of $8.5 million in the same period of 2024, as further discussed below in “Prior Year Development.” Our net loss ratio was 58.5% in the third quarter of 2025, compared to 58.4% for the same period of 2024.

Underwriting and Certain Other Operating Costs, Commissions and Salaries and Benefits. Underwriting and certain other operating costs, commissions and salaries and benefits for the quarter ended September 30, 2025 were $22.1 million, compared to $21.3 million for the same period in 2024, an increase of 4.0%. This increase was primarily due to a $0.6 million increase in commission expense, a $0.5 million increase in compensation expense, and a $0.3 million increase in accounts receivable write-offs. Partially offsetting these amounts was a $0.3 million decrease in mandatory pooling arrangement fees. Our expense ratio was 31.1% in the third quarter of 2025 compared to 31.7% in the third quarter of 2024.

Income Tax Expense. Income tax expense for the three months ended September 30, 2025 was $3.7 million, compared to $3.5 million for the same period in 2024. The effective tax rate for the Company for the quarter ended September 30, 2025 was 21.0% compared to 19.5% in the third quarter of 2024. The increase in the effective tax rate was due to an increase in state income taxes for the three months ended September 30, 2025 compared with the same period of 2024.

Consolidated Results of Operations for Nine Months Ended September 30, 2025 Compared to September 30, 2024

Gross Premiums Written. Gross premiums written for the nine months ended September 30, 2025 were $243.8 million, compared to $231.4 million for the same period in 2024, an increase of 5.3%. The increase was attributable to a $20.9 million increase in voluntary premiums on policies written during the period and a $0.1 million increase in residual market premiums. These increases were partially offset by a $8.7 million decrease in gross premiums written resulting from payroll audits and related premium adjustments for policies written in previous quarters.

Net Premiums Written. Net premiums written for the nine months ended September 30, 2025 were $231.1 million, compared to $219.5 million for the same period in 2024, an increase of 5.3%. The increase was primarily attributable to an increase in gross premiums written. As a percentage of gross premiums earned, ceded premiums were 5.7% for the first nine months of 2025, compared to 5.5% in the same period of 2024. The increase in ceded premiums as a percentage of gross premiums earned is a result of a change in our 2025 reinsurance treaties. For additional information, see Item 1, “Business—Reinsurance” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Net Premiums Earned. Net premiums earned for the nine months ended September 30, 2025 were $209.5 million, compared to $204.1 million for the same period in 2024, an increase of 2.6%. The increase was primarily attributable to the increase in net premiums written during the period.

Net Investment Income. Net investment income for the first nine months of 2025 was $19.9 million, compared to $22.3 million for the same period in 2024, a decrease of 10.7%. The decrease was due to lower average invested asset balances in the period compared to the same period in the prior year. Average invested assets, including cash and cash equivalents, were $820.6 million in the nine months ended September 30, 2025, compared to an average of $895.5 million in the same period in 2024, a decrease of 8.4%. The pre-tax investment yield on our investment portfolio was 3.2% per annum for each of the nine months ended September 30, 2025, compared to 3.3% per annum during the same period in 2024. The tax-equivalent yield on our investment portfolio was 3.9% per annum for the first nine months of 2025 compared to 3.8% per annum for the same period in 2024. The tax-equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate.

Net Realized Gains (Losses) on Investments. Net realized gains on investments for the nine months ended September 30, 2025 were $3.1 million compared to net realized losses of $0.2 million for the same period in 2024. Both net realized gains in the first nine

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months of 2025 and net realized losses in the first nine months of 2024 were mostly attributable to the sales of equity and fixed maturity securities classified as available-for-sale.

Net Unrealized Gains on Equity Securities. The market value of our equity securities increased by $2.8 million for the nine months ended September 30, 2025 compared to an increase of $8.6 million for the same period in 2024.

Loss and Loss Adjustment Expenses Incurred. Loss and LAE incurred totaled $122.5 million for the nine months ended September 30, 2025, compared to $119.8 million for the same period in 2024, an increase of $2.7 million, or 2.3%. The current accident year loss and LAE incurred totaled $148.7 million for the nine months ended September 30, 2025, compared to $144.9 million for the same period in 2024. As of September 30, 2025, our initial estimate for loss and LAE for accident years 2025 and 2024 remains at 71.0% of net premiums earned, and is based on long-term claim frequency and severity trends, as well as medical inflation. We recorded favorable prior accident year development of $26.2 million in the first nine months of 2025, compared to favorable prior accident year development of $25.2 million in the same period of 2024, as further discussed below in “Prior Year Development.” Our net loss ratio was 58.5% in the first nine months of 2025, compared to 58.7% for the same period of 2024.

Underwriting and Certain Other Operating Costs, Commissions and Salaries and Benefits. Underwriting and certain other operating costs, commissions and salaries and benefits for the nine months ended September 30, 2025 were $64.5 million, compared to $60.4 million for the same period in 2024, an increase of 6.8%. This increase was primarily due to an increase in insurance-related assessments of $2.6 million, an increase in compensation expense of $1.5 million, an increase in commission expense of $1.0 million and an increase in accounts receivable write-offs of $0.5 million. Offsetting these amounts were a decrease in professional fees of $1.2 million and a $0.5 million decrease in taxes and fees. Our expense ratio was 30.8% in the first nine months of 2025 compared to 29.6% for the same period of 2024.

Income Tax Expense. Income tax expense for the nine months ended September 30, 2025 was $9.4 million, compared to $10.0 million for the same period in 2024. The effective tax rate for the Company increased to 20.4% for the nine months ended September 30, 2025 from 19.2% for the nine months ended September 30, 2024. The increase in the effective tax rate was due to an increase in state income taxes for the nine months ended September 30, 2025 compared with the nine months ended September 30, 2024.

Liquidity and Capital Resources

Our principal sources of operating funds are premiums, investment income and proceeds from sales and maturities of investments. Our primary uses of operating funds include payments of claims and operating expenses. Currently, we pay claims using cash flow from operations and invest the remaining funds.

Net cash provided by operating activities was $0.4 million for the nine months ended September 30, 2025, which represented a $12.9 million decrease from $13.4 million in net cash provided by operating activities for the nine months ended September 30, 2024. This decrease in operating cash flow was due to a $20.9 million increase in losses paid and a $3.4 million decrease in net investment income. Partially offsetting these impacts were a $9.7 million increase in premium collections, a $1.0 million decrease in underwriting expenses paid and a $0.8 million decrease in federal taxes paid.

Net cash provided by investing activities was $37.7 million for the nine months ended September 30, 2025, compared to net cash provided by investment activities of $38.6 million for the same period in 2024. Cash provided by sales and maturities of investments totaled $79.7 million for the nine months ended September 30, 2025, compared to $125.8 million for the same period in 2024. A total of $40.1 million in cash was used to purchase investments in the nine months ended September 30, 2025, compared to $86.4 million in purchases for the same period in 2024. A total of $2.0 million in cash was used to purchase property and equipment in the nine months ended September 30, 2025, compared to $0.8 million for the same period in 2024.

Net cash used in financing activities in the nine months ended September 30, 2025 was $27.4 million, compared to net cash used in financing activities of $27.0 million for the same period in 2024. In the nine months ended September 30, 2025, $22.4 million of cash was used for dividends paid to shareholders compared to $21.3 million in the same period of 2024. In the nine months ended September 30, 2025, there were repurchases of outstanding shares of our common stock of $4.1 million compared to $5.1 million for the same period in 2024. Share-based compensation related payroll tax withholding was $0.8 million in the nine months ended September 30, 2025, compared to $0.5 million in the same period in 2024.

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Investment Portfolio

The carrying value of our investment portfolio, including cash and cash equivalents, totaled $817.0 million at September 30, 2025, compared to $832.8 million at December 31, 2024, a decrease of 1.9%. Purchases of fixed maturity securities are classified as available-for-sale or held-to-maturity at the time of purchase based on the individual security. The Company has the ability and positive intent to hold certain investments until maturity. Therefore, fixed maturity securities classified as held-to-maturity, as defined by FASB ASC Topic 320, Investments-Debt and Equity Securities, are recorded at amortized cost net of allowance for credit losses. Our equity securities and fixed maturity securities classified as available-for-sale are reported at fair value.

The composition of our investment portfolio, including cash and cash equivalents, as of September 30, 2025, is shown in the following table:

		Carrying Amount				Percentage of Portfolio
		(in thousands)
Fixed maturity securities—held-to-maturity:
States and political subdivisions		$	339,297				41.5	%
Corporate bonds			21,677				2.7	%
U.S. agency-based mortgage-backed securities			2,490				0.3	%
U.S. Treasury securities and obligations of    U.S. government agencies			8,545				1.0	%
Asset-backed securities			9				—
Total fixed maturity securities—held-to-maturity			372,018				45.5	%
Fixed maturity securities—available-for-sale:
States and political subdivisions			161,623				19.8	%
Corporate bonds			134,822				16.5	%
U.S. agency-based mortgage-backed securities			3,760				0.5	%
U.S. Treasury securities and obligations of    U.S. government agencies			14,399				1.8	%
Total fixed maturity securities—available-for-sale			314,604				38.6	%
Equity securities			56,568				6.9	%
Short-term investments			19,090				2.3	%
Cash and cash equivalents			54,747				6.7	%
Total investments, including cash and cash equivalents		$	817,027				100.0	%

Our debt securities classified as available-for-sale are “marked to market” as of the end of each calendar quarter. As of that date, unrealized gains and losses that are not credit related are recorded to accumulated other comprehensive loss. Any available-for-sale credit related losses would be recognized as a credit loss allowance on the balance sheet with a corresponding adjustment to earnings, limited by the amount that the fair value is less than the amortized cost basis. Both the credit loss allowance and adjustment to net income can be reversed if conditions change.

For our debt securities classified as held-to-maturity, non-credit related unrecognized gains and losses are not recorded in the financial statements until realized. Effective upon the adoption of ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses, management is required to estimate held-to-maturity expected credit related losses and recognize a credit loss allowance on the balance sheet with a corresponding adjustment to earnings. Subsequent adjustments to the estimated expected credit related losses are recognized through earnings within the category “provision for investment related credit loss benefit” and adjustments to the credit loss allowance.

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Prior Year Development

The Company recorded favorable prior accident year development of $8.9 million in the three months ended September 30, 2025. The table below sets forth the favorable development for the three and nine months ended September 30, 2025 and 2024 for accident years 2020 through 2024 and, collectively, for all accident years prior to 2020.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
		(in millions)
Accident Year
2024		$	—			$	—			$	—			$	—
2023			0.4				—				1.6				—
2022			1.4				0.5				3.7				1.8
2021			0.5				0.8				4.1				2.2
2020			0.4				1.3				5.2				4.8
Prior to 2020			6.2				5.9				11.6				16.4
Total net development		$	8.9			$	8.5			$	26.2			$	25.2

The table below sets forth the number of open claims as of September 30, 2025 and 2024, and the number of claims reported and closed during the three and nine months then ended.

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2025				2024				2025				2024
Open claims at beginning of period			4,024				3,888				3,798				4,003
Claims reported			1,146				1,052				3,036				2,940
Claims closed			(1,251	)			(1,032	)			(2,915	)			(3,035	)
Open claims at end of period			3,919				3,908				3,919				3,908

The number of open claims at September 30, 2025 increased by 11 claims as compared to the number of open claims at September 30, 2024. At September 30, 2025, our incurred amounts for certain accident years, primarily 2011 through 2023, developed more favorably than management previously expected. The revisions to the Company’s reserves reflect new information gained by claims adjusters in the normal course of adjusting claims and is reflected in the Company's financial statements when the information becomes available. It is typical for more serious claims to take several years or longer to settle and the Company continually revises estimates as more information about claimants’ medical conditions and potential disability becomes known and the claims get closer to being settled. Multiple factors can cause both favorable and unfavorable loss development. 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.

The assumptions we used in establishing our reserves were based on our historical claims data. However, as of September 30, 2025, actual results for certain accident years have been better than our assumptions would have predicted. We do not presently intend to modify our assumptions for establishing reserves in light of recent results. However, if actual results for current and future accident years are consistent with, or different than, our results in these recent accident years, our historical claims data will reflect this change and, over time, will impact the reserves we establish for future claims.

Our reserves for loss and loss adjustment expenses are inherently uncertain and our focus on providing workers’ compensation insurance to employers engaged in hazardous industries generally results in us receiving relatively fewer but more severe claims than many other workers’ compensation insurance companies. As a result of this focus on higher severity, lower frequency business, our reserve for loss and loss adjustment expenses may have greater volatility than other workers’ compensation insurance companies. For additional information, see Item 1, “Business—Loss Reserves” in our Annual Report on Form 10-K for the year ended December 31, 2024.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market risk is the risk of potential economic loss principally arising from adverse changes in the fair value of financial instruments. The major components of market risk affecting us are credit risk, interest rate risk, and equity price risk. We currently have no exposure to foreign currency risk.

Since December 31, 2024, there have been no material changes in the quantitative or qualitative aspect of our market risk profile. For additional information regarding the Company’s exposure to certain market risks, see Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2024.

Item 4. Controls and Procedures.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act as of the end of the period covered by this report). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report to provide reasonable assurance that information we are required to disclose in reports that are filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms promulgated by the SEC. We note that the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving the stated goals under all potential future conditions.

Because of inherent limitations, management does not expect that our disclosure controls and procedures and our internal controls over financial reporting will prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with policies and procedures may deteriorate. Any control system, no matter how well designed and operated, is based upon certain assumptions and can only provide reasonable, not absolute assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to errors or fraud will not occur or that all control issues and instances of fraud, if any within the Company, have been detected.

There have not been any changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

As of September 30, 2025, we had repurchased a total of 1,776,468 shares of our outstanding common stock for $46.2 million since inception of our share repurchase program in 2010. The repurchases may be effected from time to time pursuant to trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act. The share repurchase program does not obligate the Company to repurchase any shares of the Company's common stock and may be modified, suspended or terminated at the discretion of the Board. The Board's determination will depend on a variety of factors including, but not limited to, the market conditions and applicable regulatory considerations. It is anticipated that any future repurchases will be funded from available capital.

The following table summarizes the Company’s purchases of its common stock, par value $0.01 per share, during the three months ended September 30, 2025:

Period		Total Number of Shares Purchased				Average Price Paid per Share (1)				Total Number of Shares Purchased as Part of Publicly Announced Program				Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (2)
														(in thousands)
July 1, 2025 to July 31, 2025			28,095			$	43.76				28,095			$	25,000
August 1, 2025 to August 31, 2025			—				—				—				25,000
September 1, 2025 to September 30, 2025			2,765				43.32				2,765				24,880
Total			30,860								30,860

(1) Average price paid per share includes commissions and excise tax.

(2) In July 2025, the Company announced a share repurchase program that replaced the Company's prior program, authorizing the repurchase of shares of the Company's common stock in an aggregate amount of up to $25.0 million with no expiration date.

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Item 5. Other Information.

Rule 10b5-1 Trading Plans

During the Company's fiscal quarter ended September 30, 2025, none of the Company's directors or officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement.

Amended and Restated Bylaws

Effective October 28, 2025, the Board amended and restated the Company’s Amended and Restated Bylaws (as amended, the “Bylaws”) primarily to modify certain provisions to align the Bylaws more closely with the current Texas Business Organizations Code (TBOC) and prevailing practices, including, among other things, to:

•clarify (i) the quorum requirements for the transaction of business at shareholder meetings; (ii) the default voting standard for matters subject to shareholder votes; and (iii) the treatment of abstentions and broker non-votes (Article II, Sections 2.7 and 2.8);

•modify the provisions of the Bylaws relating to the accessing the shareholder list to align more closely with the TBOC (Article II, Section 2.6);

•clarify the authority and duties of the inspector of elections and presiding officer at any shareholder meeting (Article II, Sections 2.10, 2.11 and 2.12(f)); and

•clarify authority to appoint or remove officers (Article V, Section 5.1).

The amendments to the Bylaws also replace with a more modernized version the provisions governing the requirements for providing advance notice of shareholder proposals and director nominations to be brought before a shareholder meeting to modify, clarify and add certain procedural and disclosure requirements, and address the “universal proxy” rules adopted by the SEC pursuant to Rule 14a-19 of the Securities Exchange Act of 1934, as amended (“Rule 14a-19”), including, among other things, to:

•bifurcate procedures for shareholder proposals and director nominations and adds procedures for nomination of directors at a special meeting where election of directors is on the agenda (Article II, Section 2.12(a) and (b));

•clarify and update certain procedural requirements for director nominations or other business to be properly brought before a meeting by a shareholder, including the requirements for a proper shareholder’s notice (and any update or supplement of such information) to be accurate and timely, and when a proposal or nomination may be disregarded (Article II, Section 2.12(a), (b), (d) and (e));

•add provisions to address the “universal proxy” rules adopted by the SEC pursuant to Rule 14a-19 of the Securities Exchange Act of 1934, as amended (“Rule 14a-19”), including (i) requiring compliance with Rule 14a-19, (ii) not allowing additional or substitute nominees following expirations of applicable notice deadlines, (iii) limiting the number of shareholder nominees to the number of directors to be elected at the meeting, (iv) requiring a shareholder’s notice to include certain representations regarding its solicitation, (v) requiring reasonable documentary evidence of compliance with such representations and compliance with Rule 14a-19, and (vi) requiring that any shareholder directly or indirectly soliciting proxies from other stockholders must use a proxy card color other than white (Article II, Sections 2.12(b) and 2.9);

•update the advance notice deadlines for annual meetings to be (1) at least 90 days and no more than 120 days prior to the anniversary of the prior year’s annual meeting for shareholder proposals (with alternative deadlines if the annual meeting date changes significantly), and (2) at least 90 days and no more than 120 days prior to the anniversary of the mailing of proxy materials for the prior year’s annual meeting for shareholder director nominations (Article II, Section 2.12(c));

•add an advance notice deadline for shareholder director nominees to be eligible for election at a special meeting where the election of directors is on the agenda for such special meeting (Article II, Section 2.12(c));

•add certain defined terms for clarity and consistency, including “close of business”, “shareholder associated person”, “beneficial owner,” “affiliates” and “associate” (Article II, Section 2.12(g)).

The Bylaws also include certain additional ministerial, technical, conforming, modernizing, streamlining and clarifying changes. The foregoing description is qualified in its entirety by the Bylaws, which are attached hereto as Exhibit 3.2 and incorporated herein by reference.

Shareholder Proposals and Nominations for the 2026 Annual Meeting of Shareholders

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As noted, the Bylaws, revised the advance notice provision (Article II, Section 2.12). Below is an update to the “Shareholder Proposals for the 2026 Annual Meeting of Shareholders” section of the Company’s 2025 proxy statement, as filed with the SEC on April 30, 2025.

Shareholder Proposals and Nominations for the 2026 Annual Meeting of Shareholders

In order to be included in the Company’s proxy materials for the 2026 annual meeting of shareholders, a shareholder proposal must be received in writing by the Company at 2301 Highway 190 West, DeRidder, Louisiana 70634 by January 2, 2026 and otherwise comply with all applicable requirements of the SEC's rules for shareholder proposals.

In addition, the Company’s Bylaws provide that any shareholder who desires to bring a proposal (other than a nomination of director) at the 2026 annual meeting of shareholders must deliver timely written notice of the proposal that complies with the information and other requirements of the Company’s Bylaws to the Company’s Secretary at the above address, which must be received no later than March 8, 2026.

Under the Company’s Bylaws, any shareholder who desires to nominate a director for election at the 2026 annual meeting of shareholders must deliver timely written notice of the nominee that complies with the information and other requirements of the Company’s Bylaws to the Company’s Secretary at the above address, which must be received no later than February 1, 2026.

In addition to satisfying the foregoing requirements under the Company’s Bylaws, to comply with the universal proxy rules, shareholders who intend to solicit proxies in support of director nominees other than the Company’s nominees must comply with the additional requirements of Rule 14a-19 under the Exchange Act.

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Item 6. Exhibits.

Exhibit No.		Description
3.1		Amended and Restated Certificate of Formation of AMERISAFE, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q filed August 6, 2010).
3.2		Amended and Restated Bylaws of the Company (as amended and restated on October 28, 2025).
31.1		Certification of G. Janelle Frost filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of Anastasios Omiridis filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certification of G. Janelle Frost and Anastasios Omiridis filed pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document – The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		AMERISAFE, INC.
October 30, 2025		/s/ G. Janelle Frost
		G. Janelle Frost
		President, Chief Executive Officer and Director
		(Principal Executive Officer)
October 30, 2025		/s/ Anastasios Omiridis
		Anastasios Omiridis
		Executive Vice President and Chief Financial Officer
		(Principal Financial and Accounting Officer)

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FAQ

What were AMERISAFE (AMSF) Q3 2025 earnings and EPS?

Q3 net income was $13.818 million and diluted EPS was $0.72.

How did AMERISAFE’s underwriting perform in Q3 2025?

The net combined ratio was 90.6%, indicating profitable underwriting.

What happened to AMERISAFE’s premiums in Q3 2025?

Gross premiums written rose to $80.321 million, up 7.2% year over year.

How much was AMERISAFE’s Q3 2025 net investment income?

Net investment income was $6.566 million.

Did AMERISAFE declare dividends after Q3 2025?

Yes. A $1.00 special dividend and a $0.39 regular dividend, payable Dec 12, 2025 to holders of record on Dec 5, 2025.

What buybacks did AMERISAFE complete in Q3 2025?

It repurchased 30,860 shares for $1.3 million at an average price of $43.72.

What was AMERISAFE’s book value per share at Q3 2025?

Book value per share was $14.47.