The following is a summary of the AMERISAFE, Inc. (AMSF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• AMERISAFE reported Q3 net income of $14.3 million, or $0.75 per diluted share, and operating net income of $11.1 million, or $0.58 per diluted share.

• Gross written premiums for the quarter were $74.9 million, a growth of 5.8% from Q3 of the previous year.

• Special dividend declared at $3 per share, in addition to regular quarterly dividends of $0.37.

• Book value per share at $16.50 with an operating return on average equity of 14.2%.

• Favorable prior year development of $80.5 million from accident years 2017 through 2022.

Business Progress:

• Continued focus on agent engagement and internal efficiencies has led to better top line performance and stronger renewal retention rates of 93.6%.

• Significant auditing premium contributions, though moderating, helped boost premium earnings.

• Enhanced claims handling processes contributing to favorable loss experiences.

Opportunities:

• The company is benefiting from stable medical inflation and favorable regulatory fee schedules, ensuring continued profitability in the workers' compensation space.

Risks:

• AMERISAFE faces a highly competitive market, although maintaining a strong focus on underwriting discipline and agent engagement to mitigate impacts.

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