Full Transcript: AMERISAFE Q2 2026 Earnings Call

On Wednesday, AMERISAFE (NASDAQ: AMSF ) discussed second-quarter financial results during its earnings call. The full transcript is provided below. This content is powered APIs. 4% rise in net premiums earned.

3 million from prior accident years. 44 per diluted share, influenced by a one-time bad debt write-off of $700,000. 9%. 8 million.

AMERISAFE remains focused on profitable growth, underwriting discipline, and capital strength, despite challenges from rate reductions and medical cost increases in the workers' compensation market. Full Transcript OPERATOR Good day and welcome to the AMERISAFE second quarter 2026 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Kathryn Shirley, Chief Administrative Officer.

Please go ahead. Kathryn Shirley — Executive Vice President, Chief Administrative Officer & Secretary Thank you, operator, and good morning, everyone. Welcome to the AMERISAFE 2026 second quarter investor call. com.

This call is being recorded. A replay of today's call will be available. Details on how to access the replay are in the earnings release. During this call, we will be making forward-looking statements intended to fall within the safe harbor provided under the securities laws.

These statements are based on current expectations and assumptions that are subject to various risks and uncertainties. Actual results may differ materially from the results expressed or implied in these statements if the underlying assumptions prove to be incorrect or as a result of risks, uncertainties, and other factors, including factors discussed in the earnings release, in the comments made during today's call, and in the risk factors section of our Form 10-K, Form 10-Qs, and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement.

I will now turn the call over to Janelle Frost, AMERISAFE's President and CEO. Janelle Frost — President & CEO Thank you, Kathryn, and good morning, everyone. With me on the call today is Guillermo Ramos, our Chief Financial Officer, and Vincent Gagliano, our Chief Risk Officer. We appreciate your interest in AMERISAFE and look forward to discussing our second quarter 2026 results.

The workers' compensation market remains profitable, but the industry continues to observe a gradual softening environment. Rate reductions, increasing medical costs, moderating reserve redundancies, and heightened competition continue to pressure industry-wide results. Despite those dynamics, AMERISAFE's specialized underwriting expertise, focus on high hazard industries, and disciplined pricing strategy continue to differentiate our results in the marketplace. The second quarter reflected continued strength in our underlying business.

5%, and continued to grow policy count despite a highly competitive market. 4% compared to the prior-year quarter, supported by strong renewal retention of over 93%, growth in policy count, and favorable audit premium activity. 7% year over prior-year quarter. We were also encouraged by payroll audit activity during the quarter.

1 million to premiums written, substantially above the prior-year period. Payroll growth among our insureds remains healthy, reflecting continued economic activity across many of the industries we serve. Our current accident year loss ratio remains 72%. Claim frequency was up from the prior accident year at six months, returning closer to 2023 levels.

The severity was down from the prior accident year at six months. 3 million of favorable reserve development during the quarter from accident years '23 and prior. Favorable development remains solidly positive and reflects the continued quality of our reserve position. Looking ahead, we remain focused on balancing profitable growth, underwriting discipline, operating efficiency, capital strength, and long-term shareholder value creation.

While the market environment presents its challenges, we believe AMERISAFE is well positioned due to our strong customer retention, specialized expertise, financial strength, and exceptional employee culture. With that, I'll turn the call over to Guillermo to discuss the financial results. Guillermo Ramos — Chief Financial Officer Thank you, Janelle, and good morning to everyone. 44 per diluted share.

53 per diluted share