AMERISAFE, Inc. operates as a specialty provider of workers’ compensation insurance. The company focuses on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, manufacturing, oil and gas and agriculture. The company provides coverage to employers under state and federal workers’ compensation laws. These laws prescribe wage replacement and medical care benefits that employers are obligated to provide to their employees who are injured in the course and scope of their employment. The company’s workers’ compensation insurance policies provide benefits to injured employees for, among other things, temporary or permanent disability, death and medical and hospital expenses. The company provides safety services at employers’ workplaces as a vital component of its underwriting process and to promote safer workplaces. Two of the company’s three insurance subsidiaries, American Interstate Insurance Company and Silver Oak Casualty, Inc., are domesticated in Nebraska. The company’s other insurance subsidiary, American Interstate Insurance Company of Texas, is domiciled in Texas. Strategy The company’s strategy is to focus on underwriting workers’ compensation insurance in hazardous industries and to maintain adequate rate levels commensurate with the risks it underwrites. The key elements of the company’s strategies include increasing market penetration; marketing its insurance in 30 states and the District of Columbia; and capitalizing on development of information technology system. Targeted Industries The company provides workers’ compensation insurance primarily to employers in the following targeted hazardous industries: Construction: Includes a range of operations such as highway and bridge construction, building and maintenance of pipeline and powerline networks, excavation, commercial construction, roofing, iron and steel erection, tower erection and various other specialized construction operations. Trucking: Includes a spectrum of diverse operations, including contract haulers, regional and local freight carriers, special equipment transporters and other trucking companies that conduct a variety of short- and long-haul operations. Manufacturing: Includes a group of policyholders’ businesses, such as the production of goods for use or sale using labor and machines, tools, chemical and biological processing or formulation. Oil and Gas: Includes various oil and gas activities, including gathering, transportation, processing, production, and field service operations. Agriculture: Includes crop maintenance and harvesting, grain and produce operations, nursery operations, meat processing, and livestock feed and transportation. Maritime: Includes ship building and repair, pier and marine construction, inter-coastal construction, and stevedoring. Logging: Includes tree harvesting operations ranging from labor intensive chainsaw felling and trimming to mechanized operations using heavy equipment. Voluntary Business: Includes direct premiums from workers’ compensation insurance policies that the company issues to employers who seek to purchase insurance directly from it and who it voluntarily agree to insure. Assigned Risk Business: Includes direct premiums from workers’ compensation insurance policies that the company issues to employers assigned to it under residual market programs implemented by some of the states in which it operates. Assumed Premiums: Includes premiums from the company’s participation in mandatory pooling arrangements under residual market programs implemented by some of the states in which it operates. Geographic Distribution The company is licensed to provide workers’ compensation insurance in 47 states, the District of Columbia and the U.S. Virgin Islands. Sales and Marketing The company sells its workers’ compensation insurance through agencies. As of December 31, 2014, the company’s insurance was sold through approximately 3,300 independent agencies and its wholly-owned insurance agency subsidiary, Amerisafe General Agency, Inc., which is licensed in 27 states. Regulation State Insurance Department Examinations: American Interstate Insurance Company and Silver Oak Casualty, Inc. are primarily subject to regulation and supervision by the Nebraska Department of Insurance. American Interstate of Texas is primarily subject to regulation and supervision by the Texas Department of Insurance and Workers’ Compensation Commission. Amerisafe General Agency, Inc. is domiciled in Louisiana and is primarily subject to regulation and supervision by the Louisiana Department of Insurance. Federal Law and Regulations: The company is subject to the United States Longshore and Harbor Workers’ Compensation Act (the USL&H Act); and the Merchant Marine Act of 1920 (Jones Act). The company is also subject to regulations related to the USL&H Act and the Jones Act. History AMERISAFE, Inc. was incorporated in Texas in 1985.
amerisafe inc (AMSF:NASDAQ GS)
2301 Highway 190 West
DeRidder, LA 70634
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