AMERISAFE, Inc. (AMSF) Bundle
An Overview of AMERISAFE, Inc. (AMSF)
General Summary of AMERISAFE, Inc. (AMSF)
AMERISAFE, Inc. (AMSF) is a leading specialty provider of workers' compensation insurance focused primarily on small to mid-sized employers in the hazardous industries. Established in 1985, the company has developed a strong reputation for its expertise in underwriting and risk management. AMERISAFE offers a broad range of products and services, including workers' compensation insurance, safety programs, and loss control services.
As of 2024, AMERISAFE reported gross premiums written of $231.4 million for the nine months ended September 30, 2024, compared to $225.0 million for the same period in 2023, reflecting a 2.8% increase year-over-year. The company operates primarily in the United States, serving various sectors, including construction, agriculture, and manufacturing.
Company's Financial Performance in the Latest Financial Reports
In the third quarter of 2024, AMERISAFE achieved net premiums written of $71.0 million, an increase of 6.4% from $66.7 million in the third quarter of 2023. Net premiums earned for the same quarter reached $67.1 million, up 0.6% from $66.6 million in the prior year. The company reported total revenues of $78.7 million for the third quarter of 2024, compared to $72.6 million in the same quarter of 2023.
For the nine months ended September 30, 2024, AMERISAFE's net income was $42.2 million, reflecting a slight decrease from $42.9 million in the same period in 2023. The diluted earnings per share for the first nine months of 2024 were $2.21, compared to $2.23 in the same period of 2023. The company's net combined ratio for the nine months ended September 30, 2024, was 89.6%, compared to 86.1% in 2023, indicating a slightly increased cost of claims relative to premiums earned.
The company's net investment income for the first nine months of 2024 was $22.3 million, down 4.1% from $23.3 million in the same period of 2023. The decrease was attributed to lower average invested asset balances and lower yields on fixed income securities. The average invested assets decreased to $895.5 million in 2024 from $962.1 million in 2023.
Introduction to AMERISAFE as a Leader in the Industry
AMERISAFE has established itself as a notable leader in the workers' compensation insurance industry, particularly within hazardous sectors. The company is recognized for its tailored insurance solutions and proactive risk management strategies, which have contributed to its strong market presence and customer loyalty. AMERISAFE's focus on niche markets allows it to deliver specialized services that address the unique needs of its clients.
As of 2024, AMERISAFE continues to innovate and adapt to changing market conditions, positioning itself for sustained growth and success. Investors and stakeholders are encouraged to explore the details of AMERISAFE's operational strategies and financial performance to understand the factors driving its success in the competitive insurance landscape.
| Financial Metrics | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Gross Premiums Written | $74.9 million | $70.8 million | $231.4 million | $225.0 million |
| Net Premiums Written | $71.0 million | $66.7 million | $219.5 million | $212.8 million |
| Net Premiums Earned | $67.1 million | $66.6 million | $204.1 million | $201.4 million |
| Total Revenues | $78.7 million | $72.6 million | $235.0 million | $226.7 million |
| Net Income | $14.3 million | $10.0 million | $42.2 million | $42.9 million |
| Diluted EPS | $0.75 | $0.52 | $2.21 | $2.23 |
| Net Combined Ratio | 90.9% | 90.6% | 89.6% | 86.1% |
Mission Statement of AMERISAFE, Inc. (AMSF)
Mission Statement of AMERISAFE, Inc. (AMSF)
AMERISAFE, Inc. (AMSF) is committed to providing exceptional workers' compensation insurance to small to mid-sized businesses engaged in hazardous industries. The company emphasizes its dedication to safety, risk management, and superior service delivery as core elements of its mission. This mission statement not only serves as a guiding principle for AMERISAFE’s strategic direction but also highlights its dedication to fostering a culture of safety and financial stability within the industries it serves.
Core Component 1: Commitment to Safety
AMERISAFE's mission reflects its strong focus on safety, aiming to reduce workplace injuries and enhance the overall safety culture in the industries it insures. The company provides comprehensive risk management services, including safety training and loss control programs. In 2024, AMERISAFE reported a net loss ratio of 58.7% for the nine months ended September 30, 2024, indicating effective management of claims and a commitment to minimizing workplace risks.
Core Component 2: Superior Service Delivery
AMERISAFE prides itself on delivering superior service to its policyholders, ensuring that businesses receive timely and effective support when they need it. The company’s operational efficiency is underscored by a net combined ratio of 90.9% in the third quarter of 2024, which reflects the ratio of claims and expenses to premiums earned, demonstrating effective underwriting and claims management.
Core Component 3: Financial Stability and Growth
Financial stability is a cornerstone of AMERISAFE's mission. The company aims to maintain a strong financial position to support its policyholders and invest in future growth opportunities. As of September 30, 2024, AMERISAFE reported total shareholders’ equity of $314.4 million, reflecting a solid capital base that enables the company to meet its obligations and pursue expansion. Furthermore, the company achieved net premiums written of $219.5 million for the nine months ended September 30, 2024, illustrating its growth trajectory in the competitive insurance market.
| Financial Metric | Value |
|---|---|
| Net Loss Ratio (2024) | 58.7% |
| Net Combined Ratio (Q3 2024) | 90.9% |
| Total Shareholders' Equity (Sept 2024) | $314.4 million |
| Net Premiums Written (9M 2024) | $219.5 million |
Vision Statement of AMERISAFE, Inc. (AMSF)
Vision Statement Overview
The vision statement of AMERISAFE, Inc. (AMSF) is centered around the commitment to providing specialized workers' compensation insurance solutions. The company aims to serve its clients with high-quality service and innovative products tailored to the needs of specific industries.
Commitment to Safety and Risk Management
AMERISAFE emphasizes its commitment to enhancing workplace safety and effective risk management for its clients. The company strives to reduce workplace incidents through education and proactive support.
- In 2024, AMERISAFE reported a net loss ratio of 58.7% for the first nine months, compared to 55.5% in 2023, indicating a focus on improving loss management strategies.
- Loss and loss adjustment expenses (LAE) incurred totaled $119.8 million for the nine months ended September 30, 2024, representing a 7.1% increase from $111.8 million in the same period in 2023.
Industry-Specific Solutions
AMERISAFE focuses on providing tailored solutions for niche industries, particularly those with higher risk profiles. The company aims to be a leader in specialized insurance products.
| Industry | Gross Premiums Written (2024) | Net Premiums Written (2024) |
|---|---|---|
| Construction | $74.9 million | $71.0 million |
| Logging | $31.5 million | $30.0 million |
| Healthcare | $24.0 million | $22.5 million |
| Manufacturing | $18.0 million | $17.0 million |
Innovation and Technology Integration
AMERISAFE is committed to leveraging technology to improve its services and operational efficiency. The integration of advanced data analytics is a key part of their strategy.
- Investment in technology has led to an increase in net investment income of $22.3 million for the first nine months of 2024, compared to $23.3 million in the same period of 2023, reflecting ongoing adjustments to their investment strategies.
- The company’s average invested assets decreased to $895.5 million in 2024 from $962.1 million in 2023, showcasing a strategic shift towards more efficient asset management.
Customer-Centric Approach
The vision of AMERISAFE includes a strong focus on customer satisfaction and building long-term relationships with clients. The company prioritizes understanding the unique needs of their insureds.
- AMERISAFE’s expense ratio improved to 29.6% for the first nine months of 2024, compared to 29.5% in 2023, indicating efficient management of operational costs.
- The company declared dividends totaling $21.3 million to shareholders in 2024, reflecting a commitment to returning value to its investors while maintaining customer satisfaction.
Financial Stability and Growth
AMERISAFE aims for consistent financial growth while maintaining stability, ensuring that it can continue to support its clients effectively.
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Premiums Earned | $204.1 million | $201.4 million |
| Net Investment Income | $22.3 million | $23.3 million |
| Comprehensive Income | $46.761 million | $36.392 million |
Conclusion of Vision Statement Components
AMERISAFE's vision statement is a reflection of its strategic goals and aspirations for the future, characterized by a commitment to safety, innovation, tailored solutions for niche industries, and a strong focus on customer relationships.
Core Values of AMERISAFE, Inc. (AMSF)
Integrity
Integrity is a foundational value at AMERISAFE, Inc. (AMSF), emphasizing honesty and ethical conduct in all business dealings. This value is crucial for building trust with clients, employees, and stakeholders.
AMERISAFE demonstrates its commitment to integrity through comprehensive training programs that ensure employees understand and adhere to ethical business practices. In 2024, the company reported a 95% employee participation rate in its ethics training sessions, reflecting its dedication to fostering a culture of transparency and accountability.
Excellence
Excellence at AMERISAFE signifies the pursuit of the highest standards in service delivery and operational performance. This value drives the company to continuously improve its processes and outcomes.
In 2024, AMERISAFE achieved a net combined ratio of 90.9%, indicating strong operational efficiency and cost management. This performance is attributed to rigorous underwriting practices and effective claims management, showcasing the company's commitment to excellence in the workers' compensation insurance sector.
Customer Focus
Customer focus is integral to AMERISAFE's mission, prioritizing the needs and satisfaction of its clients. This value encourages proactive engagement and responsiveness to customer concerns.
AMERISAFE's customer satisfaction scores have consistently exceeded industry benchmarks, with a reported satisfaction rate of 88% in 2024. The company implements regular feedback mechanisms and customer engagement initiatives to enhance service delivery.
Innovation
Innovation at AMERISAFE involves embracing new ideas and technologies to improve services and operational efficiency. This value is essential for remaining competitive in a rapidly evolving market.
In 2024, AMERISAFE launched a new digital claims processing platform that reduced processing times by 30%. This initiative not only improves efficiency but also enhances the customer experience by providing quicker resolution of claims.
Teamwork
Teamwork is a core value that fosters collaboration and unity among employees at AMERISAFE. This value promotes a supportive work environment where individuals work together towards common goals.
In 2024, AMERISAFE reported a 15% increase in cross-departmental projects, highlighting the effectiveness of its teamwork initiatives. The company invests in team-building activities and encourages collaboration across various functions.
| Core Value | 2024 Commitment Examples | Performance Metrics |
|---|---|---|
| Integrity | 95% employee participation in ethics training | High trust ratings from stakeholders |
| Excellence | Achieved a net combined ratio of 90.9% | Operational efficiency improvements |
| Customer Focus | Regular feedback mechanisms | 88% customer satisfaction rate |
| Innovation | Launched digital claims processing platform | 30% reduction in claims processing times |
| Teamwork | Increased cross-departmental projects by 15% | Enhanced collaboration metrics |
AMERISAFE, Inc. (AMSF) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Article updated on 8 Nov 2024
Resources:
- AMERISAFE, Inc. (AMSF) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of AMERISAFE, Inc. (AMSF)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View AMERISAFE, Inc. (AMSF)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.