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AMERISAFE, Inc. (AMSF)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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54.73-1.27 (-2.27%)
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Neutralpattern detected
Previous Close56.00
Open55.57
Bid0.00 x 1800
Ask0.00 x 900
Day's Range54.58 - 56.16
52 Week Range48.02 - 80.65
Volume107,924
Avg. Volume97,195
Market Cap1.058B
Beta (5Y Monthly)0.42
PE Ratio (TTM)11.50
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield1.08 (1.93%)
Ex-Dividend DateDec 03, 2020
1y Target EstN/A
  • ACCESSWIRE

    AMERISAFE, Inc. to Host Earnings Call

    NEW YORK, NY / ACCESSWIRE / October 29, 2020 / AMERISAFE, Inc.

  • AMERISAFE Declares Special Dividend of $3.50 Per Share and Regular Quarterly Dividend
    GlobeNewswire

    AMERISAFE Declares Special Dividend of $3.50 Per Share and Regular Quarterly Dividend

    DERIDDER, La., Oct. 28, 2020 (GLOBE NEWSWIRE) -- AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused on high hazard industries, today announced that its Board of Directors had declared a special cash dividend of $3.50 per share. The special cash dividend will be payable on November 18, 2020 to shareholders of record as of November 11, 2020. The Board of Directors also declared a regular quarterly dividend of $0.27 per share, payable on December 18, 2020 to shareholders of record as of December 4, 2020.“Our long-term commitment to underwriting discipline throughout the insurance cycle allowed us to strengthen our balance sheet, while returning significant capital to our shareholders.  We are pleased to announce this extraordinary dividend in an unprecedented time in the market,” said G. Janelle Frost, President and Chief Executive Officer.Over the past eight years, the Company has declared $27.63 per share in dividends, comprising $5.88 in regular dividends and $21.75 in special dividends per share.More information on the dividend and information on the company’s third quarter earnings can be found in AMERISAFE’s accompanying earnings release issued today.ABOUT AMERISAFEAMERISAFE, Inc. is a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, manufacturing, and agriculture. AMERISAFE actively markets workers’ compensation insurance in 27 states. CONTACT: Neal A. Fuller, EVP & CFO AMERISAFE 337.463.9052

  • AMERISAFE Announces 2020 Third Quarter Results
    GlobeNewswire

    AMERISAFE Announces 2020 Third Quarter Results

    Declares an Extraordinary Dividend of $3.50 Per Share  Reports Combined Ratio of 72.8%DERIDDER, La., Oct. 28, 2020 (GLOBE NEWSWIRE) -- AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused on high hazard industries, today announced results for the third quarter ended September 30, 2020. Three Months Ended   Nine Months Ended    September 30,   September 30,     2020   2019  % Change  2020   2019  % Change           (in thousands, except per share data)   (in thousands, except per share data)   Net premiums earned$74,771  $82,712  -9.6% $229,725  $250,611  -8.3% Net investment income 7,063   8,264  -14.5%  22,136   24,448  -9.5% Net realized gains (losses) on investments (pretax) 309   (4) NM   1,464   (27) NM  Net unrealized gains (losses) on             equity securities (pre-tax) 844   365  131.2%  (2,349)  3,165  NM  Net income 23,353   21,386  9.2%  58,101   58,676  -1.0% Diluted earnings per share$1.21  $1.11  9.0% $3.00  $3.04  -1.3% Operating net income 22,442   21,101  6.4%  58,800   56,197  4.6% Operating earnings per share$1.16  $1.09  6.4% $3.04  $2.91  4.5% Book value per share$24.93  $24.29  2.6% $24.93  $24.29  2.6% Net combined ratio 72.8%  78.4%    78.4%  82.1%   Return on average equity 19.8%  18.6%    17.0%  17.8%   G. Janelle Frost, President and Chief Executive Officer, noted, “AMERISAFE continued to see loss cost declines and robust competition in the states we actively market and hazard classes we underwrite.  These conditions suppressed premium, with policy count written in the quarter only down slightly.  However, AMERISAFE’s profitability remained strong. Our focus on managing expenses benefitted this quarter from a loss assessment change.  We also continued to reach favorable outcomes on prior year claims.  Our underwriting profit, along with investment returns, produced a 19.8% return on average equity for the quarter, and a strong capital position supported an extraordinary dividend for shareholders.”INSURANCE RESULTS Three Months Ended   Nine Months Ended    September 30,   September 30,     2020   2019  % Change  2020   2019  % Change           (in thousands)   (in thousands)                Gross premiums written$72,648  $82,629  -12.1% $240,008  $262,754  -8.7% Net premiums earned 74,771   82,712  -9.6%  229,725   250,611  -8.3% Loss and loss adjustment expenses incurred 39,789   44,325  -10.2%  120,966   142,807  -15.3% Underwriting and certain other operating costs,            commissions, salaries and benefits 13,902   19,285  -27.9%  56,317   59,670  -5.6% Policyholder dividends 714   1,265  -43.6%  2,685   3,363  -20.2% Underwriting profit (pre-tax)$20,366  $17,837  14.2% $49,757  $44,771  11.1%              Insurance Ratios:            Current accident year loss ratio 72.5%  72.5%    72.5%  72.5%   Prior accident year loss ratio -19.3%  -18.9%    -19.8%  -15.5%   Net loss ratio 53.2%  53.6%    52.7%  57.0%   Net underwriting expense ratio 18.6%  23.3%    24.5%  23.8%   Net dividend ratio 1.0%  1.5%    1.2%  1.3%   Net combined ratio 72.8%  78.4%    78.4%  82.1%                * Gross premiums written in the third quarter of 2020 decreased by $10.0 million, or 12.1%, primarily due to lower voluntary premiums on policies written in the quarter which were 10.7% lower as compared to the third quarter of 2019. The primary driver of lower premiums were lower state rates, which were 7.8% lower on average than in the third quarter of 2019. * Payroll audits and related premium adjustments increased premiums written by $1.1 million in the third quarter of 2020, compared to an increase in premiums written of $2.0 million in the third quarter of 2019. * The current accident year loss ratio for the third quarter was 72.5%, unchanged from the first half of 2020, and unchanged from accident year 2019. During the quarter, the Company experienced favorable case reserve development for prior accident years, which reduced loss and loss adjustment expenses by $14.4 million, attributed primarily to accident years 2014 through 2018.   * For the quarter ended September 30, 2020, the underwriting expense ratio was 18.6% compared with 23.3% in the same quarter in 2019. The decrease in the expense ratio in the third quarter was due to the early termination of an assessment related to a state multiple injury fund, which lowered expenses by $5.7 million. Without the assessment change, the expense ratio would have been 26.2% for the third quarter of 2020. * The effective tax rate for the quarter ended September 30, 2020 was 18.5%, compared with 19.6% for the third quarter of 2019. The decrease was due to a higher proportion of tax-exempt income in 2020 compared to 2019. INVESTMENT RESULTS Three Months Ended   Nine Months Ended    September 30,   September 30,     2020   2019  % Change  2020   2019  % Change           (in thousands)   (in thousands)   Net investment income$7,063  $8,264  -14.5% $22,136  $24,448  -9.5% Net realized gains (losses) on            investments (pre-tax) 309   (4) NM   1,464   (27) NM  Net unrealized gains (losses) on             equity securities (pre-tax) 844   365  131.2%  (2,349)  3,165  NM  Pre-tax investment yield 2.3%  2.7%    2.5%  2.7%   Tax-equivalent yield (1) 2.8%  3.1%    2.8%  3.1%   ________________________________                        (1)      The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate. * Net investment income for the quarter ended September 30, 2020, decreased 14.5% to $7.1 million from $8.3 million in the third quarter of 2019, due to lower investment yields on fixed-income securities. * As of September 30, 2020, the carrying value of AMERISAFE’s investment portfolio, including cash and cash equivalents, was $1.2 billion. CAPITAL MANAGEMENTIn an accompanying press release the Company announced a special cash dividend of $3.50 per share, payable on November 18, 2020, to shareholders of record as of November 11, 2020.In addition, the Company’s Board of Directors declared a regular quarterly cash dividend of $0.27 per share, payable on December 18, 2020 to shareholders of record as of December 4, 2020.Book value per share at September 30, 2020 was $24.93, an increase of 11.8% from $22.29 at December 31, 2019.HURRICANES LAURA AND DELTAOn August 27, 2020 the DeRidder area in Southwest Louisiana was significantly impacted by Hurricane Laura (category 4) with winds of 150 miles per hour at landfall. There was widespread damage to homes, trees, and the power infrastructure of the area. AMERISAFE’s business continuity plans were in place including internet and IT system redundancies, and our ability to operate on generator power. The storm impacted nearly half of our employee base. Our dedicated employees, both in DeRidder and throughout the country, were able to continue to serve our customers without significant disruption to business operations, despite their personal circumstances. Aided by volunteers throughout the community and electrical professionals from throughout the country, recovery efforts continued and most power was restored to the community within two weeks, although rebuilding and roofing repairs continue.On October 9, 2020 the DeRidder area was again impacted, this time by Hurricane Delta (category 2) with winds of 100 miles per hour at landfall. AMERISAFE’s employees once again rose to the occasion, continuing to serve our customers with minimal disruption to ongoing operations. The impact of this storm was again significant to the power infrastructure of the area, and recovery efforts continue to restore power and internet services to the community.G. Janelle Frost noted, “The back to back hurricanes amid the ongoing COVID-19 pandemic, challenged AMERISAFE in ways we did not imagine. In these trying times, our employees and our community remained resilient. I am continually impressed with our employees and their ability to focus and provide outstanding results for AMERISAFE’s stakeholders. We want to thank all the first responders, electrical professionals, loggers, and volunteers who have helped to rebuild our community. We also want to thank our field employees who donated supplies and delivered them to the DeRidder community from across the country.”SUPPLEMENTAL INFORMATION Three Months Ended Nine Months Ended  September 30, September 30,   2020   2019   2020   2019      (in thousands, except share and per share data)          Net income$23,353  $21,386  $58,101  $58,676  Less:        Net realized gains (losses) on investments 309   (4)  1,464   (27) Net unrealized gains (losses) on equity securities 844   365   (2,349)  3,165  Tax effect (1) (242)  (76)  186   (659) Operating net income (2)$22,442  $21,101  $58,800  $56,197           Average shareholders’ equity (3)$472,353  $459,086  $456,063  $439,246  Less:        Average accumulated other comprehensive income 19,545   11,378   16,062   5,892  Average adjusted shareholders’ equity (2)$452,808  $447,708  $440,001  $433,354           Diluted weighted average common shares 19,358,682   19,302,551   19,345,952   19,320,199           Return on average equity (4) 19.8%  18.6%  17.0%  17.8% Operating return on average adjusted equity (2) 19.8%  18.9%  17.8%  17.3% Diluted earnings per share$1.21  $1.11  $3.00  $3.04  Operating earnings per share (2)$1.16  $1.09  $3.04  $2.91  ________________________________                 (1) The tax effect of net realized losses on investments and net unrealized gains (losses) on equity securities is calculated with an effective tax rate of 21%. (2) Operating net income, operating return on average adjusted equity and operating earnings per share are non-GAAP financial measures. Management believes that investors’ understanding of core operating performance is enhanced by AMERISAFE’s disclosure of these financial measures. (3) Average shareholders’ equity is calculated by taking the average of the beginning and ending shareholders’ equity. (4) Return on average equity is calculated by dividing the annualized net income by the average shareholders’ equity.CONFERENCE CALL INFORMATIONAMERISAFE has scheduled a conference call for October 29, 2020, at 10:30 a.m. Eastern Time to discuss the results for the quarter and comment on future periods.   To participate in the conference call, dial 323-794-2423 (Conference Code 2623310) at least ten minutes before the call begins.Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting http://www.amerisafe.com. To listen to the live call on the web, please visit the website at least ten minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call at http://www.amerisafe.com.ABOUT AMERISAFEAMERISAFE, Inc. is a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, manufacturing, and agriculture. AMERISAFE actively markets workers’ compensation insurance in 27 states. FORWARD LOOKING STATEMENTSStatements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” or similar words are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding AMERISAFE’s plans and performance. These statements are based on management’s estimates, assumptions and projections as of the date of this release and are not guarantees of future performance and include statements regarding management’s views and expectations of the workers’ compensation market, the Company’s growth opportunities, underwriting margins and actions by competitors. Actual results may differ materially from the results expressed or implied in these statements if the underlying assumptions prove to be incorrect or as the results of risks, uncertainties and other factors including the impact of the recent hurricanes on our policyholders and employees, and on the Company’s business and financial results, including the impact of the COVID-19 pandemic on the business and operations of the Company and our policyholders and the market value of the securities in our investment portfolio. Other factors that may affect our results are set forth in the Company’s filings with the Securities and Exchange Commission, including AMERISAFE’s Annual Report on Form 10-K for the year ended December 31, 2019. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this release. AMERISAFE does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.\- Tables to Follow - AMERISAFE, INC. AND SUBSIDIARIES Consolidated Statements of Income (in thousands) Three Months Ended Nine Months Ended  September 30, September 30,   2020   2019   2020   2019        (unaudited) (unaudited) Revenues:        Gross premiums written $72,648  $82,629  $240,008  $262,754  Ceded premiums written  (2,473)  (2,170)  (7,928)  (6,804) Net premiums written $70,175  $80,459  $232,080  $255,950           Net premiums earned $74,771  $82,712  $229,725  $250,611  Net investment income  7,063   8,264   22,136   24,448  Net realized gains (losses) on investments 309   (4)  1,464   (27) Net unrealized gains (losses) on equity securities 844   365   (2,349)  3,165  Loss on disposal of assets -   (2)  (29)  (2) Fee and other income  18   153   309   236  Total revenues  83,005   91,488   251,256   278,431           Expenses:        Loss and loss adjustment expenses incurred  39,789   44,325   120,966   142,807  Underwriting and other operating costs  13,902   19,285   56,317   59,670  Policyholder dividends  714   1,265   2,685   3,363  Provision for investment related credit loss benefit (69)  -   (13)  -  Total expenses  54,336   64,875   179,955   205,840           Income before taxes  28,669   26,613   71,301   72,591  Income tax expense  5,316   5,227   13,200   13,915  Net income $23,353  $21,386  $58,101  $58,676                    AMERISAFE, INC. AND SUBSIDIARIES Consolidated Statements of Income (cont.) (in thousands, except per share amounts)    Three Months Ended Nine Months Ended  September 30, September 30,   2020   2019   2020   2019        (unaudited) (unaudited) Basic EPS:        Net income$23,353  $21,386  $58,101  $58,676           Basic weighted average common shares 19,299,921   19,256,069   19,282,263   19,243,689  Basic earnings per share$1.21  $1.11  $3.01  $3.05           Diluted EPS:        Net income$23,353  $21,386  $58,101  $58,676           Diluted weighted average common shares:        Weighted average common shares 19,299,921   19,256,069   19,282,263   19,243,689  Stock options and restricted stock 58,761   46,482   63,689   76,510  Diluted weighted average common shares 19,358,682   19,302,551   19,345,952   19,320,199           Diluted earnings per share$1.21  $1.11  $3.00  $3.04                    AMERISAFE, INC. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands) September 30, December 31,   2020  2019  (unaudited)   Assets    Investments$1,125,393 $1,125,018 Cash and cash equivalents  88,168  43,813 Amounts recoverable from reinsurers  97,955  95,913 Premiums receivable, net  171,128  157,953 Deferred income taxes  17,014  17,513 Deferred policy acquisition costs  19,237  19,048 Other assets  27,926  33,648  $1,546,821 $1,492,906      Liabilities and Shareholders’ Equity    Liabilities:    Reserves for loss and loss adjustment expenses $759,912 $772,887 Unearned premiums  143,228  140,873 Insurance-related assessments  20,902  22,967 Other liabilities  140,869  125,964      Shareholders’ equity 481,910  430,215 Total liabilities and shareholders’ equity$1,546,821 $1,492,906      CONTACT: Neal A. Fuller, EVP & CFO AMERISAFE 337.463.9052