Schedule II. Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Schedule II. Condensed Financial Information of Registrant

Schedule II. Condensed Financial Information of Registrant

AMERISAFE, INC.

CONDENSED BALANCE SHEETS

	December 31,
	2023		2022
	(in thousands)
Assets:
Investments:
Fixed maturity securities—available-for-sale, at fair value    (amortized cost $24,309 and $19,824 in 2023 and 2022, respectively)	$	24,283	$	19,470
Equity securities, at fair value (cost $7,108 and $10,007 in 2023    and 2022, respectively)		9,857		13,602
Short-term investments		—		10,145
Investment in subsidiaries		249,159		239,664
Total investments		283,299		282,881
Cash and cash equivalents		6,635		31,911
Deferred income taxes		880		982
Notes receivable from subsidiaries		1,925		1,855
Property and equipment, net		1,933		2,736
Federal income tax recoverable		784		543
Other assets		1,099		1,752
Total assets	$	296,555	$	322,660
Liabilities and shareholders’ equity
Liabilities:
Accounts payable and other liabilities		4,104		5,228
Total liabilities		4,104		5,228
Shareholders' equity (net of Treasury stock of $36,929 and $34,758    at December 31, 2023 and 2022, respectively)		292,451		317,432
Total liabilities and shareholders' equity	$	296,555	$	322,660

Schedule II. Condensed Financial Information of Registrant – (Continued)

AMERISAFE, INC.

CONDENSED STATEMENTS OF INCOME

	Year Ended December 31,
	2023			2022			2021
	(in thousands)
Revenues
Net investment income	$	4,861		$	2,395		$	896
Net unrealized gains (losses) on equity securities		(845	)		(490	)		2,590
Fee and other income		8,933			9,533			8,541
Total revenues		12,949			11,438			12,027
Expenses
Other operating costs		8,932			9,533			8,541
Total expenses		8,932			9,533			8,541
Income before income taxes and equity in earnings of subsidiaries		4,017			1,905			3,486
Income tax expense (benefit)		1,055			714			(1,188	)
Gain before equity in earnings of subsidiaries		2,962			1,191			4,674
Equity in net income of subsidiaries		59,146			54,411			61,083
Net income	$	62,108		$	55,602		$	65,757

Schedule II. Condensed Financial Information of Registrant – (Continued)

AMERISAFE, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2023			2022			2021
	(in thousands)
Operating activities
Net cash provided by operating activities	$	5,591		$	6,121		$	6,622
Investing activities
Purchases of investments		(24,885	)		(31,909	)		(87,289	)
Proceeds from sales of investments		35,013			75,950			28,780
Purchases of property and equipment		(482	)		(1,903	)		(1,277	)
Dividends from subsidiary		56,000			77,700			148,400
Net cash provided by investing activities		65,646			119,838			88,614
Financing activities
Finance lease purchases		(91	)		(58	)		(44	)
Share-based compensation related tax withholding		(944	)		—			—
Purchase of treasury stock		(2,171	)		(12,388	)		—
Dividends to shareholders		(93,307	)		(100,427	)		(99,929	)
Net cash used in financing activities		(96,513	)		(112,873	)		(99,973	)
Change in cash and cash equivalents		(25,276	)		13,086			(4,737	)
Cash and cash equivalents at beginning of year		31,911			18,825			23,562
Cash and cash equivalents at end of year	$	6,635		$	31,911		$	18,825