The following is a summary of the AMERISAFE, Inc. (AMSF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• AMERISAFE reported Q2 2024 net income of $11 million, or $0.57 per diluted share, down from $15.6 million or $0.81 per diluted share in Q2 2023.

• Operating net income for Q2 2024 stood at $11.1 million or $0.58 per diluted share, compared to $14 million or $0.73 per diluted share in Q2 2023.

• Gross written premiums were $76.4 million in Q2 2024, up from $71.7 million in Q2 2023, driven by increased sales efforts and strong retentions.

• The company experienced a favorable development of $8.1 million on prior accident years primarily due to lower claim severities and proactive claims handling.

Business Progress:

• AMERISAFE has been focusing on profitable growth through greater agent engagement and pipeline efficiency.

• The company retained 93.3% of renewals and saw an increase in policy count.

• Continued investments in business operations were highlighted, particularly in leveraging disciplined underwriting in the competitive workers' compensation market.

Opportunities:

• The workers' compensation market remains profitable for AMERISAFE, despite rate softening, signaling an opportunity for continued financial stability and growth.

Risks:

• AMERISAFE faces challenges from the ongoing rate softening and the need to closely monitor medical inflation, which relates to medical fee schedules generally containing costs but with potential upcoming pressures.

More details: Amerisafe IR

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