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, agriculture, and oil and gas. 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. The company’s insurance subsidiaries include American Interstate Insurance Company; Silver Oak Casualty, Inc.; and American Interstate Insurance Company of Texas. The company is licensed to provide workers’ compensation insurance in 47 states, the District of Columbia and the U.S. Virgin Islands. 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 various operations, including contract haulers, regional and local freight carriers, special equipment transporters and other trucking companies that conduct various 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. Agriculture: Includes crop maintenance and harvesting, grain and produce operations, nursery operations, meat processing, and livestock feed and transportation. Oil and Gas: Includes various oil and gas activities, including gathering, transportation, processing, production, and field service operations. Logging: Includes tree harvesting operations ranging from labor intensive chainsaw felling and trimming to mechanized operations using heavy equipment. Maritime: Includes ship building and repair, pier and marine construction, inter-coastal construction, and stevedoring. The company’s gross premiums are derived from: Voluntary Business: Includes direct premiums from workers’ compensation insurance policies that the company issues to employers who seek to purchase insurance directly from the company and who the company voluntarily agrees to insure. Assigned Risk Business: Includes direct premiums from workers’ compensation insurance policies that the company issues to employers assigned to the company under residual market programs implemented by some of the states in which the company 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 the company operates. Sales and Marketing The company sells its workers’ compensation insurance through agencies. As of December 31, 2015, the company’s insurance was sold through approximately 3,000 independent agencies and its wholly-owned insurance agency subsidiary, Amerisafe General Agency, Inc., which is licensed in 28 states. 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 that the company underwrites. The company’s strategy includes increasing market penetration; prudent and opportunistic geographic expansion; and capitalizing on development of information technology systems. Regulation American Interstate Insurance Company and Silver Oak Casualty, Inc. are primarily subject to regulation and supervision by the Nebraska Department of Insurance. American Interstate Insurance Company of Texas is primarily subject to regulation and supervision by the Texas Department of Insurance and Workers’ Compensation Commission. Amerisafe General Agency, Inc. is primarily subject to regulation and supervision by the Louisiana Department of Insurance, which regulates the solicitation of insurance and the qualification and licensing of agents and agencies that might desire to conduct business in Louisiana. As a provider of workers’ compensation insurance for employers engaged in the maritime industry, 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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