AMERISAFE - 10-Q quarterly report FY

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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 MARCH 31, 2026


☐	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 April 17, 2026, there were 18,703,771 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	5

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3	Quantitative and Qualitative Disclosures About Market Risk	28

Item 4	Controls and Procedures	28

PART II - OTHER INFORMATION

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	29

Item 5	Other Information	29

Item 6	Exhibits	30

CAUTIONARY STATEMENT REGARDING 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”, “strive” 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, a 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 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, 2025 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, including, but not limited to, under the captions “Business” in Item 1, “Risk Factors” in Item 1A , “Cybersecurity” in Item 1C, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7, and “Quantitative and Qualitative Disclosures About Market Risk” in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025 and this report, as applicable, 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. The Company undertakes no

obligation to update or revise any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, actual experience or other changes that arise after the date of this report.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)


	March 31, 2026			December 31, 2025
	(unaudited)
Assets
Investments:
Fixed maturity securities—held-to-maturity, at amortized cost net of allowance for credit losses of $65 and $73 at March 31, 2026 and December 31, 2025, respectively, (fair value $332,659 and $344,576 at March 31, 2026, and December 31, 2025, respectively)	$	340,546		$	350,087
Fixed maturity securities—available-for-sale, at fair value (amortized cost $321,312, allowance for credit losses of $0 at March 31, 2026 and amortized cost $317,116, allowance for credit losses of $0 at December 31, 2025)		314,211			313,038
Equity securities, at fair value (cost $31,164 and $31,165 at March 31, 2026 and December 31, 2025, respectively)		55,840			57,493
Short-term investments		28,753			14,237
Total investments		739,350			734,855
Cash and cash equivalents		34,226			61,926
Amounts recoverable from reinsurers (net of allowance for credit losses of $227 and $264 at March 31, 2026 and December 31, 2025, respectively)		104,802			108,098
Premiums receivable (net of allowance for credit losses of $4,313 and $4,172 at March 31, 2026 and December 31, 2025, respectively)		175,210			160,944
Deferred income taxes		18,322			17,572
Accrued interest receivable		7,196			6,963
Property and equipment, net		7,144			7,293
Deferred policy acquisition costs		22,126			21,085
Federal income tax recoverable		1,197			3,088
Other assets		13,386			8,720
Total assets	$	1,122,959		$	1,130,544
Liabilities and shareholders’ equity
Liabilities:
Reserves for loss and loss adjustment expenses	$	601,861		$	613,583
Unearned premiums		144,862			135,503
Amounts held for others		41,105			39,139
Policyholder deposits		33,159			33,532
Insurance-related assessments		16,774			15,979
Accounts payable and other liabilities		37,766			39,178
Payable for investments purchased		835			2,032
Total liabilities		876,362			878,946
Shareholders’ equity:
Common stock: voting—$0.01 par value authorized shares—50,000,000 in 2026 and 2025; 20,797,870 and 20,769,021 shares issued; and 18,703,771 and 18,794,881 shares outstanding at March 31, 2026 and December 31, 2025, respectively		208			208
Additional paid-in capital		226,944			225,912
Treasury stock, at cost (2,094,099 and 1,974,140 shares at March 31, 2026 and December 31, 2025, respectively)		(58,186	)		(54,155	)
Accumulated earnings		83,296			82,850
Accumulated other comprehensive loss, net		(5,665	)		(3,217	)
Total shareholders’ equity		246,597			251,598
Total liabilities and shareholders’ equity	$	1,122,959		$	1,130,544

See accompanying notes.

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share data)

(unaudited)


	Three Months Ended
	March 31,
	2026			2025
Revenues
Gross premiums written	$	88,500		$	83,784
Ceded premiums written		(4,069	)		(4,179	)
Net premiums written	$	84,431		$	79,605
Net premiums earned	$	75,072		$	68,885
Net investment income		6,597			6,652
Net realized (losses) gains on investments		(3	)		2
Net unrealized losses on equity securities		(1,653	)		(3,152	)
Fee and other income		77			210
Total revenues		80,090			72,597
Expenses
Loss and loss adjustment expenses incurred		46,440			40,159
Underwriting and certain other operating costs		7,590			6,260
Commissions		6,693			6,055
Salaries and benefits		7,986			8,284
Policyholder dividends		1,229			634
Provision for investment related credit loss benefit		(8	)		(16	)
Total expenses		69,930			61,376
Income before income taxes		10,160			11,221
Income tax expense		2,015			2,272
Net income	$	8,145		$	8,949
Earnings per share
Basic	$	0.43		$	0.47
Diluted	$	0.43		$	0.47
Shares used in computing earnings per share
Basic		18,759,526			19,036,309
Diluted		18,863,395			19,154,426
Cash dividends declared per common share	$	0.41		$	0.39

See accompanying notes.

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)


	Three Months Ended
	March 31,
	2026			2025
Net income	$	8,145		$	8,949
Other comprehensive income:
Unrealized (loss) gain on debt securities, net of tax		(2,448	)		1,606
Comprehensive income	$	5,697		$	10,555

See accompanying notes.

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Three Months Ended March 31, 2026 and 2025

(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, 2025		20,769,021	$	208	$	225,912		(1,974,140	)	$	(54,155	)	$	82,850		$	(3,217	)	$	251,598
Comprehensive income:
Net income		—		—		—		—			—			8,145			—			8,145
Other comprehensive income:
Change in unrealized losses on debt securities, net of tax		—		—		—		—			—			—			(2,448	)		(2,448	)
Comprehensive income:																				5,697
Common stock issued		28,849		—		729		—			—			—			—			729
Purchase of treasury stock		—		—		—		(119,959	)		(4,031	)		—			—			(4,031	)
Share-based compensation		—		—		303		—			—			—			—			303
Dividends to shareholders		—		—		—		—			—			(7,699	)		—			(7,699	)
Balance at March 31, 2026		20,797,870	$	208	$	226,944		(2,094,099	)	$	(58,186	)	$	83,296		$	(5,665	)	$	246,597

	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		—		—		—		—			—			8,949			—			8,949
Other comprehensive income:
Change in unrealized losses on debt securities, net of tax		—		—		—		—			—			—			1,606			1,606
Comprehensive income:																				10,555
Share-based compensation		—		—		371		—			—			—			—			371
Dividends to shareholders		—		—		—		—			—			(7,454	)		—			(7,454	)
Balance at March 31, 2025		20,733,166	$	207	$	224,327		(1,682,851	)	$	(42,052	)	$	85,600		$	(7,269	)	$	260,813

See accompanying notes.

AMERISAFE, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	Three Months Ended March 31,
	2026			2025
Operating activities
Net income	$	8,145		$	8,949
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		175			214
Net amortization of investments		9			261
Change in investment related allowance for credit losses		(8	)		(16	)
Deferred income taxes		(99	)		(91	)
Net realized losses (gains) on investments		3			(2	)
Net unrealized losses on equity securities		1,653			3,152
Share-based compensation		586			1,073
Changes in operating assets and liabilities:
Premiums receivable, net		(14,106	)		(14,079	)
Accrued interest receivable		(233	)		(420	)
Deferred policy acquisition costs		(1,041	)		(1,271	)
Other assets		(2,667	)		1,772
Reserves for loss and loss adjustment expenses		(11,722	)		(11,344	)
Unearned premiums		9,359			10,720
Reinsurance balances		3,088			2,741
Amounts held for others and policyholder deposits		1,593			(5,301	)
Federal income taxes recoverable		1,891			2,084
Accounts payable and other liabilities		676			(234	)
Net cash used in operating activities		(2,698	)		(1,792	)
Investing activities
Purchases of investments available-for-sale		(20,773	)		(8,320	)
Purchases of short-term investments		(14,544	)		(2,178	)
Proceeds from maturities of investments held-to-maturity		7,506			16,236
Proceeds from sales and maturities of investments available-for-sale		15,362			4,209
Purchases of property and equipment		(26	)		(2	)
Net cash (used in) provided by investing activities		(12,475	)		9,945
Financing activities
Finance lease purchases		(21	)		(21	)
Share-based compensation-related tax withholding		(709	)		—
Purchase of treasury stock		(4,031	)		—
Dividends to shareholders		(7,766	)		(7,424	)
Net cash used in financing activities		(12,527	)		(7,445	)
Change in cash and cash equivalents		(27,700	)		708
Cash and cash equivalents at beginning of period		61,926			44,045
Cash and cash equivalents at end of period	$	34,226		$	44,753

See accompanying notes.

AMERISAFE, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1. Basis of Presentation

AMERISAFE, Inc. is an insurance holding company incorporated in the state of Texas. The accompanying unaudited consolidated financial statements include the accounts of AMERISAFE and its wholly-owned subsidiaries: American Interstate Insurance Company (AIIC) and its wholly owned 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, services, manufacturing, and maritime. Assets and revenues of AIIC and its subsidiaries represent at least 95% of comparable consolidated amounts of the Company for each of the three months ended March 31, 2026 and 2025.

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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in future periods might differ from those estimates.

Adopted Accounting Guidance

The Company has not adopted any new accounting guidance in 2026.

Prospective Accounting Guidance

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 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 the Company’s 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, the Company has not elected to early-adopt the standard. Prospective application is required, with retrospective application permitted. The Company is evaluating the impact of this disclosure-only requirement.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This standard update modernizes the capitalization criteria for internal-use software, eliminating references to project stages and instead requiring that projects meet completion probability criteria before costs can be capitalized. This guidance is effective beginning first quarter 2028, though early adoption is permitted, and can be applied using a prospective, retrospective, or modified transition approach. The Company is currently evaluating the impact of these amendments but does not anticipate that adoption will have a material impact on the Company’s results of operations or financial position.

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

As of March 31, 2026, 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 2012 Incentive Plan. See Note 12 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding the Company’s incentive plans.

During the three months ended March 31, 2026, the Company issued 24,619 shares of common stock to executive officers pursuant to vested performance awards and 4,230 shares of common stock to executive officers upon the vesting of restricted stock units (RSUs). The market value of these shares totaled $0.9 million. During the three months ended March 31, 2025, no shares of common stock were issued.

The Company had no stock options outstanding as of March 31, 2026.

The Company recognized share-based compensation expense of $0.6 million in the three months ended March 31, 2026 and $1.1 million in the same period in 2025.

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 common shares 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 common shares 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
	March 31,
	2026		2025
	(in thousands, except share and per share amounts)
Basic EPS:
Net income	$	8,145	$	8,949
Basic weighted average common shares		18,759,526		19,036,309
Basic earnings per common share	$	0.43	$	0.47
Diluted EPS:
Net income	$	8,145	$	8,949
Diluted weighted average common shares:
Weighted average common shares		18,759,526		19,036,309
Restricted stock and RSUs		103,869		118,117
Diluted weighted average common shares		18,863,395		19,154,426
Diluted earnings per common share	$	0.43	$	0.47

Note 4. Investments

The amortized cost, allowance for credit losses, carrying amount, gross unrealized gains and losses, and the fair value of those investments classified as held-to-maturity at March 31, 2026 are summarized as follows:


	Amortized Cost		Allowance for Credit Losses			Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	313,513	$	(22	)	$	313,491	$	1,101	$	(8,241	)	$	306,351
Corporate bonds		16,184		(43	)		16,141		—		(488	)		15,653
U.S. agency-based mortgage-backed securities		2,315		—			2,315		16		(93	)		2,238
U.S. Treasury securities and obligations of U.S. government agencies		8,590		—			8,590		3		(185	)		8,408
Asset-backed securities		9		—			9		—		—			9
Totals	$	340,611	$	(65	)	$	340,546	$	1,120	$	(9,007	)	$	332,659

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 March 31, 2026 are summarized as follows:


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Allowance for Credit Losses
	(in thousands)
States and political subdivisions	$	168,422	$	334	$	(6,887	)	$	161,869	$	—
Corporate bonds		142,138		1,282		(1,088	)		142,332		—
U.S. agency-based mortgage-backed securities		3,811		—		(317	)		3,494		—
U.S. Treasury securities and obligations of U.S. government agencies		6,941		—		(425	)		6,516		—
Totals	$	321,312	$	1,616	$	(8,717	)	$	314,211	$	—

The cost, gross unrealized gains and losses, and the fair value of equity securities at March 31, 2026 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	$	24,676	$	—	$	55,840
Total equity securities	$	31,164	$	24,676	$	—	$	55,840


	Amortized Cost		Allowance for Credit Losses			Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	322,430	$	(23	)	$	322,407	$	2,030	$	(6,908	)	$	317,529
Corporate bonds		16,751		(50	)		16,701		—		(456	)		16,245
U.S. agency-based mortgage-backed securities		2,403		—			2,403		26		(81	)		2,348
U.S. Treasury securities and obligations of U.S. government agencies		8,567		—			8,567		6		(128	)		8,445
Asset-backed securities		9		—			9		—		—			9
Totals	$	350,160	$	(73	)	$	350,087	$	2,062	$	(7,573	)	$	344,576

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, 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	$	163,042	$	630	$	(5,482	)	$	158,190	$	—
Corporate bonds		137,198		2,231		(725	)		138,704		—
U.S. agency-based mortgage-backed securities		3,946		—		(305	)		3,641		—
U.S. Treasury securities and obligations of U.S. government agencies		12,930		—		(427	)		12,503		—
Totals	$	317,116	$	2,861	$	(6,939	)	$	313,038	$	—

The cost, gross unrealized gains and losses, and the fair value of equity securities at December 31, 2025 are summarized as follows:


	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Equity securities:
Domestic common stock - Exchange Traded Funds	$	31,165	$	26,328	$	—	$	57,493
Total equity securities	$	31,165	$	26,328	$	—	$	57,493

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:


	March 31, 2026				December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Maturity:
Within one year	$	28,535	$	28,444	$	28,620	$	28,561
After one year through five years		72,149		70,410		76,161		74,506
After five years through ten years		120,858		117,201		119,321		116,970
After ten years		116,680		114,357		123,573		122,182
U.S. agency-based mortgage-backed securities		2,315		2,238		2,403		2,348
Asset-backed securities		9		9		9		9
Totals	$	340,546	$	332,659	$	350,087	$	344,576

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:


	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
	(in thousands)
Maturity:
Within one year	$	28,846	$	28,781	$	41,029	$	40,939
After one year through five years		89,171		87,825		76,260		75,796
After five years through ten years		74,422		73,244		76,895		76,076
After ten years		125,062		120,867		118,986		116,586
U.S. agency-based mortgage-backed securities		3,811		3,494		3,946		3,641
Totals	$	321,312	$	314,211	$	317,116	$	313,038

The following table summarizes the fair value and gross unrealized losses on fixed maturity 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 March 31, 2026.


	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)
March 31, 2026
Available-for-Sale
States and political subdivisions	$	67,158	$	1,536	$	59,936	$	5,351	$	127,094	$	6,887
Corporate bonds		53,708		281		26,777		807		80,485		1,088
U.S. agency-based mortgage-backed securities		—		—		3,494		317		3,494		317
U.S. Treasury securities and obligations of U.S. government agencies		—		—		6,516		425		6,516		425
Total available-for-sale securities	$	120,866	$	1,817	$	96,723	$	6,900	$	217,589	$	8,717

At March 31, 2026, the Company held 179 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, 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)
December 31, 2025
Available-for-Sale
States and political subdivisions	$	28,892	$	634	$	76,440	$	4,848	$	105,332	$	5,482
Corporate bonds		5,537		8		31,115		717		36,652		725
U.S. agency-based mortgage-backed securities		—		—		3,641		305		3,641		305
U.S. Treasury securities and obligations of U.S. government agencies		—		—		12,503		427		12,503		427
Total available-for-sale securities	$	34,429	$	642	$	123,699	$	6,297	$	158,128	$	6,939

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 March 31, 2026.


	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, 2025	$	23		$	50		$	—	$	—	$	—	$	73
Provision for credit loss benefit		(1	)		(7	)		—		—		—		(8	)
Balance at March 31, 2026	$	22		$	43		$	—	$	—	$	—	$	65

As of March 31, 2026, the Company has established an allowance for credit losses on 261 held-to-maturity securities totaling $0.1 million. Most of those securities were issued by states and political subdivisions (252 securities) and corporate bonds (8 securities).

The Company had no allowance for credit losses on investments classified as available-for-sale for the period ended March 31, 2026.

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 three ratings, the median rating is used. If there are only two ratings, the lower 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 annual 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. Then this amount is 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 March 31, 2026.


	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	$	313,513	$	9,683	$	2,315	$	8,590	$	—	$	334,101
Baa/BBB ratings		—		6,501		—		—		9		6,510
Total	$	313,513	$	16,184	$	2,315	$	8,590	$	9	$	340,611

Net realized losses in the quarter ended March 31, 2026 were immaterial compared to immaterial net realized gains in the quarter ended March 31, 2025. Net realized results for both periods were attributable to the sales of fixed maturity securities classified as available-for-sale and redemption of fixed maturity securities.

During the three months ended March 31, 2026, the Company recognized through income $1.7 million of net unrealized losses on equity securities compared to $3.2 million of net unrealized losses on equity securities for the same period in 2025.

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,” the Company provides for the recognition and measurement of deferred income tax benefits based on the likelihood of their realization in future years. As of March 31, 2026 and 2025, the Company had no valuation allowance against its 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 March 31, 2026 and 2025.

The Inflation Reduction Act was enacted on August 16, 2022, and included a new Corporate Alternative Minimum Tax (CAMT). The Company has determined it does not expect to be liable for CAMT in 2026.

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, introducing multiple changes to the U.S. tax code. The OBBBA contains several changes impacting corporate taxpayers, including modifications to the limitations on deductions for charitable contributions and the re-establishment of accelerated depreciation on certain qualified depreciable assets. The new tax regulation set forth by the OBBBA did not have a significant impact on the Company’s financial statements.

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, 2025 for additional information regarding our loss and loss adjustment expense development.

The following table provides a reconciliation of the beginning and ending reserve balances, net of related amounts recoverable from reinsurers, for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026			2025
	(in thousands)
Balance, beginning of period	$	613,583		$	651,309
Less amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses		106,075			112,742
Net balance, beginning of period		507,508			538,567
Add incurred related to:
Current accident year		54,052			48,908
Prior accident years		(7,612	)		(8,749	)
Total incurred		46,440			40,159
Less paid related to:
Current accident year		2,697			2,037
Prior accident years		52,206			47,225
Total paid		54,903			49,262
Net balance, end of period		499,045			529,464
Add amounts recoverable from reinsurers on unpaid loss and loss adjustment expenses		102,816			110,501
Balance, end of period	$	601,861		$	639,965

The foregoing reconciliation reflects favorable development of the net reserves at March 31, 2026 and March 31, 2025. The favorable development reduced loss and loss adjustment expenses incurred by $7.6 million and $8.7 million during each of the first three months of 2026 and 2025, respectively. The revisions to our 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 we continually revise 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 prior accident years was largely due to 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 months ended March 31, 2026 and 2025.


	Three Months Ended
	March 31,
	2026			2025
	(in thousands)
Balance, beginning of period	$	264		$	300
Provision for credit loss benefit		(37	)		(6	)
Balance, end of period	$	227		$	294

Note 7. Comprehensive Income and Accumulated Other Comprehensive Loss

Comprehensive income includes net income plus unrealized gains and losses 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 2026 and 2025. The difference between net income as reported and comprehensive income was due primarily to changes in unrealized gains and losses, net of tax, on available-for-sale debt securities.

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
	March 31,
	2026			2025
	(in thousands)
Balance, beginning of period	$	(3,217	)	$	(8,875	)
Other comprehensive (loss) income before reclassification		(2,462	)		1,602
Amounts reclassified from accumulated other comprehensive loss		14			4
Net current period other comprehensive (loss) income		(2,448	)		1,606
Balance, end of period	$	(5,665	)	$	(7,269	)

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 Comprehensive Loss	Three Months Ended March 31,						Affected line item in the statement of income
	2026			2025
	(in thousands)
Unrealized losses on debt securities, net of tax	$	(18	)	$	(6	)	Net realized gains (losses) on investments
		(18	)		(6	)	Income before income taxes
Unrealized losses on debt securities, net of tax		4			2		Income tax expense
	$	(14	)	$	(4	)	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.

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. Level 2 securities 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 three months ended March 31, 2026.

At March 31, 2026, assets measured at fair value on a recurring basis are summarized below:


	March 31, 2026
	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	$	—	$	161,869	$	—	$	161,869
Corporate bonds		—		142,332		—		142,332
U.S. agency-based mortgage-backed securities		—		3,494		—		3,494
U.S. Treasury securities		6,516		—		—		6,516
Total securities available-for-sale—fixed maturity		6,516		307,695		—		314,211
Equity securities:
Domestic common stock - Exchange Traded Funds		55,840		—		—		55,840
Total	$	62,356	$	307,695	$	—	$	370,051

At March 31, 2026, assets measured at amortized cost net of allowance for credit losses are summarized below:


	March 31, 2026
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity:
States and political subdivisions	$	—	$	306,351	$	—	$	306,351
Corporate bonds		—		15,653		—		15,653
U.S. agency-based mortgage-backed securities		—		2,238		—		2,238
U.S. Treasury securities		8,408		—		—		8,408
Asset-backed securities		—		9		—		9
Total held-to-maturity	$	8,408	$	324,251	$	—	$	332,659

At December 31, 2025, assets measured at fair value on a recurring basis are summarized below:


	December 31, 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	$	—	$	158,190	$	—	$	158,190
Corporate bonds		—		138,704		—		138,704
U.S. agency-based mortgage-backed securities		—		3,641		—		3,641
U.S. Treasury securities		12,503		—		—		12,503
Total securities available-for-sale—fixed maturity	$	12,503	$	300,535	$	—	$	313,038
Equity securities:
Domestic common stock - Exchange Traded Funds		57,493		—		—		57,493
Total	$	69,996	$	300,535	$	—	$	370,531

At December 31, 2025, assets measured at amortized cost net of allowance for credit losses are summarized below:


	December 31, 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	$	—	$	317,529	$	—	$	317,529
Corporate bonds		—		16,245		—		16,245
U.S. agency-based mortgage-backed securities		—		2,348		—		2,348
U.S. Treasury securities		8,445		—		—		8,445
Asset-backed securities		—		9		—		9
Total held-to-maturity	$	8,445	$	336,131	$	—	$	344,576

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.

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


	As of March 31, 2026				As of December 31, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	340,546	$	332,659	$	350,087	$	344,576
Fixed maturity securities—available-for-sale		314,211		314,211		313,038		313,038
Equity securities		55,840		55,840		57,493		57,493
Short-term investments		28,753		28,753		14,237		14,237
Cash and cash equivalents		34,226		34,226		61,926		61,926

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 March 31, 2026, $12.9 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 determination will depend on a variety of factors, including, but not limited to, market conditions and applicable regulatory considerations. It is anticipated that any future repurchases will be funded from available capital.

During the three months ended March 31, 2026, the Company repurchased 119,959 shares of its common stock under the share repurchase program for $4.0 million, or an average price of $33.60 per share, including commissions and excise tax. During the three months ended March 31, 2025, no shares were repurchased.

Note 10. Segment Reporting

We operate 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. The 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, 2025.

Our Chief Operating Decision Maker (CODM) is the Chief Executive Officer (CEO). As our CODM, the CEO directs and controls our operations and gives strategic guidance and direction to ensure we achieve our mission and objectives. The CODM evaluates the performance of and allocates resources for the Insurance Operations segment based on the operating results presented on the consolidated income statement, balance sheet and cash flow statement.

Two of the key financial measures used to evaluate our performance are return on average equity and growth in book value per share adjusted for dividends paid to shareholders and share repurchases. 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.

We do not have intra-entity sales or asset transfers.

We are 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, 2025 in the basis of segmentation or in the basis of measurement of segment profit or loss.

Note 11. Subsequent Events

On April 21, 2026, the Board declared a regular quarterly cash dividend of $0.41 per share, payable on June 19, 2026 to shareholders of record as of June 12, 2026. The Board considers the declaration and payment of a regular cash dividend each calendar quarter, and any such declaration and payment of dividends is at the discretion of the Board.

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, 2025. This discussion includes forward-looking statements that are not guarantees of future performance and are not necessarily indicative of future operating results. See “Cautionary Statement Regarding 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

We are 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, services, manufacturing, and maritime. 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 policyholders. 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 proactive claims management practices that we believe permit us to effectively manage the overall cost of our claims. In addition, our premium audit services calculate the appropriate premiums for our policyholders 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, safety, claims, and audit services, provide us with the opportunity to earn attractive returns on equity.

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, Amerisafe General Agency, Inc. We are also licensed in an additional 20 states, the District of Columbia, and the U.S. Virgin Islands.

Critical Accounting Policies and Estimates

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 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.

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, 2025. 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, 2025.

Results of Operations

The following table summarizes our consolidated financial results for the three months ended March 31, 2026 and 2025.


	Three Months Ended
	March 31,
	2026			2025
	(dollars in thousands, except percentages and per share data)
	(unaudited)
Gross premiums written	$	88,500		$	83,784
Net premiums earned		75,072			68,885
Net investment income		6,597			6,652
Total revenues		80,090			72,597
Total expenses		69,930			61,376
Net income		8,145			8,949
Diluted earnings per common share	$	0.43		$	0.47
Other Key Measures
Net combined ratio (1)		93.2	%		89.1	%
Return on average equity (2)		13.1	%		13.8	%
Book value per share (3)	$	13.18		$	13.69

(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 March 31, 2026 Compared to March 31, 2025

Gross Premiums Written. Gross premiums written for the quarter ended March 31, 2026 were $88.5 million, compared to $83.8 million for the same period in 2025, an increase of 5.6%. The increase was attributable to a $6.3 million increase in voluntary premiums on policies written during the period. The increase was partially offset by a $1.4 million decrease in premiums resulting from payroll audits and related premium adjustments for policies written in previous quarters.

Net Premiums Written. Net premiums written for the quarter ended March 31, 2026 were $84.4 million, compared to $79.6 million for the same period in 2025, an increase of 6.1%. The increase was primarily attributable to the increase in gross premiums written. As a percentage of gross premiums earned, ceded premiums were 5.1% for the first quarter of 2026 compared to 5.7% for the first quarter of 2025. The decrease in ceded premiums as a percentage of gross premiums earned is a result of a change in our 2026 reinsurance treaties. For additional information, see Item 1, “Business—Reinsurance” in our Annual Report on Form 10-K for the year ended December 31, 2025.

Net Premiums Earned. Net premiums earned for the first quarter of 2026 were $75.1 million, compared to $68.9 million for the same period in 2025, an increase of 9.0%. 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 March 31, 2026 was $6.6 million, compared to $6.7 million for the same period in 2025, a decrease of 0.8%. The decrease was due to slightly 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 $790.6 million in the quarter ended March 31, 2026 compared to an average of $835.5 million for the same period in 2025, a decrease of 5.4%. The pre-tax investment yield on our investment portfolio was 3.4% per annum during the quarter ended March 31, 2026 compared to 3.2% per annum for the same period in 2025. The tax-equivalent yield on our investment portfolio was 3.9% per annum for the quarter ended March 31, 2026 compared to 3.8% per annum for the same period in 2025. 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 losses in the quarter ended March 31, 2026 were immaterial, compared to immaterial net realized gains for the same period in 2025. Net realized results for both periods were attributable to the sales of fixed maturity securities classified as available-for-sale and redemption of fixed maturity securities.

Net Unrealized Losses on Equity Securities. The market value of our equity securities decreased by $1.7 million for the three months ended March 31, 2026 compared to a decrease of $3.2 million for the same period in 2025.

Loss and Loss Adjustment Expenses Incurred. Loss and loss adjustment expenses (LAE) incurred totaled $46.4 million for the three months ended March 31, 2026, compared to $40.2 million for the same period in 2025, an increase of $6.3 million, or 15.6%. The current accident year loss and LAE incurred totaled $54.1 million for the three months ended March 31, 2026, compared to $48.9 million for the same period in 2025. As of March 31, 2026, our initial estimate for loss and LAE for accident year 2026 is 72.0% of net premiums earned, reflective of pressure from continued rate decreases and long-term claim frequency and severity trends, as well as medical inflation. As of March 31, 2025, our initial estimate for loss and LAE for accident year 2025 was 71.0% of net premiums earned and was increased to 72.0% in the fourth quarter of 2025 largely due to the frequency of severity observed in that accident year. We recorded favorable prior accident year development of $7.6 million in the first quarter of 2026, compared to favorable prior accident year development of $8.7 million in the same period of 2025, as further discussed below in “Prior Year Development.” Our net loss ratio was 61.9% in the first quarter of 2026, compared to 58.3% for the same period of 2025.

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 March 31, 2026 were $22.3 million, compared to $20.6 million for the same period in 2025, an increase of 8.1%. This increase was primarily due to a $0.9 million decrease in profit sharing reinsurance commission and a $0.6 million increase in commission expense. Our expense ratio was 29.7% in the first quarter of 2026 compared to 29.9% in the first quarter of 2025.

Income Tax Expense. Income tax expense for the three months ended March 31, 2026 was $2.0 million, compared to $2.3 million for the same period in 2025. The effective tax rate for the Company for the quarter ended March 31, 2026 was 19.8% compared to 20.2% in the first quarter of 2025. The decrease in the effective tax rate was due to a higher proportion of income from tax-exempt investments for the three months ended March 31, 2026 compared with the same period of 2025.

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 used in operating activities was $2.7 million for the three months ended March 31, 2026, which represented a $0.9 million increase from $1.8 million in net cash used in operating activities for the three months ended March 31, 2025. This decrease in operating cash flow was due to a $2.2 million increase in underwriting expenses paid and a $1.7 million increase in losses paid, partially offset by a $2.5 million increase in premium collections and a $0.6 million increase in reinsurance recoveries.

Net cash used in investing activities was $12.5 million for the three months ended March 31, 2026, compared to net cash provided by investment activities of $9.9 million for the same period in 2025. Cash provided by sales and maturities of investments totaled $22.9 million for the three months ended March 31, 2026, compared to $20.4 million for the same period in 2025. A total of $35.3 million in cash was used to purchase investments in the three months ended March 31, 2026, compared to $10.5 million in purchases for the same period in 2025. There were immaterial purchases of property and equipment in the three months ended March 31, 2026 and 2025.

Net cash used in financing activities in the three months ended March 31, 2026 was $12.5 million, compared to net cash used in financing activities of $7.4 million for the same period in 2025. In the three months ended March 31, 2026, $7.8 million of cash was used for dividends paid to shareholders compared to $7.4 million in the same period of 2025. In the three months ended March 31, 2026, there were repurchases of outstanding shares of our common stock of $4.0 million compared to none for the same period in 2025. Share-based compensation-related payroll tax withholding was $0.7 million in the three months ended March 31, 2026, compared to none in the same period in 2025.

Investment Portfolio

The carrying value of our investment portfolio, including cash and cash equivalents, totaled $773.6 million at March 31, 2026, compared to $796.8 million at December 31, 2025, a decrease of 2.9%. 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 March 31, 2026, is shown in the following table:


	Carrying Value		Percentage of Portfolio
	(in thousands)
Fixed maturity securities—held-to-maturity:
States and political subdivisions	$	313,491		40.5	%
Corporate bonds		16,141		2.2	%
U.S. agency-based mortgage-backed securities		2,315		0.3	%
U.S. Treasury securities and obligations of U.S. government agencies		8,590		1.1	%
Asset-backed securities		9		—
Total fixed maturity securities—held-to-maturity		340,546		44.1	%
Fixed maturity securities—available-for-sale:
States and political subdivisions		161,869		20.9	%
Corporate bonds		142,332		18.4	%
U.S. agency-based mortgage-backed securities		3,494		0.5	%
U.S. Treasury securities and obligations of U.S. government agencies		6,516		0.8	%
Total fixed maturity securities—available-for-sale		314,211		40.6	%
Equity securities		55,840		7.2	%
Short-term investments		28,753		3.7	%
Cash and cash equivalents		34,226		4.4	%
Total investments, including cash and cash equivalents	$	773,576		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.

We classify the majority of our fixed maturity securities as “held-to-maturity.” We do not reflect any changes in non-credit related unrecognized gains and losses until realized. Upon the adoption of ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), management is required to estimate expected credit related losses for these securities 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. The remainder of our fixed maturity securities are classified as “available-for-sale.” These investments are valued at fair value at the end of each period, with changes in fair value flowing through other comprehensive income. Equity securities are valued at fair value with changes in the fair value recognized in net income.

Prior Year Development

The Company recorded favorable prior accident year loss and loss adjustment expense development of $7.6 million in the three months ended March 31, 2026. The table below sets forth the favorable development for the three months ended March 31, 2026 and 2025 for accident years 2021 through 2025 and, collectively, for all accident years prior to 2021.


	Three Months Ended
	March 31,
	2026		2025
	(in millions)
Accident Year
2025	$	—	$	—
2024		—		—
2023		2.3		—
2022		—		0.9
2021		0.9		3.3
Prior to 2021		4.4		4.5
Total net development	$	7.6	$	8.7

The table below sets forth the number of open claims as of March 31, 2026 and 2025, and the number of claims reported and closed during the three months then ended.


	Three Months Ended
	March 31,
	2026			2025
Open claims at beginning of period		4,096			3,798
Claims reported		1,018			906
Claims closed		(973	)		(864	)
Open claims at end of period		4,141			3,840

The number of open claims at March 31, 2026 increased by 301 claims as compared to the number of open claims at March 31, 2025. The increase in the number of claims reported is directly correlated to the increase of our in-force policy count.

At March 31, 2026, our incurred amounts for certain accident years, primarily 2012, 2020 and 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 for these accident years were based on our historical claims data. However, as of March 31, 2026, actual results for certain accident years have been better than our assumptions would have predicted. While we do not presently intend to modify our assumptions for establishing reserves in light of recent results, 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, 2025.

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, 2025, 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, 2025.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and Principal Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Principal 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 specified 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.

Changes in Internal Control Over Financial Reporting

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.

Limitations on Controls

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.

PART II—OTHER INFORMATION

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

As of March 31, 2026, we had repurchased a total of 2,094,099 shares of our outstanding common stock for $58.2 million since the 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, increased, suspended or terminated at the discretion of our board of directors. The board of directors’ determination will depend on a variety of factors including, but not limited to, 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 March 31, 2026:


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)
January 1, 2026 to January 31, 2026		—	$	—		—	$	16,920
February 1, 2026 to February 28, 2026		—		—		—		16,920
March 1, 2026 to March 31, 2026		119,959		33.60		119,959		12,890
Total		119,959				119,959

(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.

Item 5. Other Information

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 during the Company’s fiscal quarter ended March 31, 2026.

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 (incorporated by reference to Exhibit 3.2 to the Company's Quarterly Report on Form 10-Q filed October 30, 2025)

10.1		Employment Agreement, effective as of March 15, 2026, between the Company and Henry O. Lestage, IV

31.1		Certification of G. Janelle Frost filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of G. Janelle Frost 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)

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.

April 23, 2026		/s/ G. Janelle Frost
		G. Janelle Frost
		President, Chief Executive Officer and Director
		(Principal Executive Officer and Principal Financial Officer)

AMERISAFE - 10-Q quarterly report FY

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