8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 25, 2008

AMERISAFE, INC.

(Exact Name of Registrant as Specified in Charter)

Texas	000-51520	75-2069407
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2301 Highway 190 West

DeRidder, Louisiana 70634

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (337) 463-9052

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure.

AMERISAFE, Inc. has announced that C. Allen Bradley, Jr., Chairman, President and Chief Executive Officer, and Geoff Banta, Executive Vice President and Chief Financial Officer, will present at Tulane University’s BURKENROAD REPORTS Investment Conference on Friday, April 25, 2008 at the Sheraton Hotel in New Orleans. A copy of the presentation is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	BURKENROAD REPORTS Investment Conference Presentation

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 hereunto duly authorized.

AMERISAFE, INC.
By:	/s/ Todd Walker
	Todd Walker, Executive Vice President, General Counsel, and Secretary

Date: April 25, 2008

EX-99.1

BURKENROAD REPORTS

Investor Conference

April 25, 2008

New Orleans, LA

C. Allen Bradley, Jr.

Chairman, President & CEO

Geoffrey R. Banta

EVP & CFO

Exhibit 99.1

2

Forward Looking Statements

Statements made in this presentation that are not historical facts, including

statements

accompanied

by

words

such

as

“will,”

“believe,”

“anticipate,”

“expect,”

“estimate,”

“preliminary,”

or similar words are forward-looking

statements within the meaning of the Private Securities Litigation Reform Act

of 1995 regarding AMERISAFE’s plans and performance.  These statements

are based on management’s estimates, assumptions, and projections as of

the date of this presentation and are not guarantees of future performance.  

Actual results may differ materially from the results expressed or implied in

these statements as the result of risks, uncertainties, and other factors,

including the factors set forth in the Company’s filings with the Securities and

Exchange

Commission,

including

in

Item

1A

“Risk

Factors”

in

AMERISAFE’s

Annual Report on Form 10-K for the year ended December 31, 2007. 

AMERISAFE cautions you not to place undue reliance on the forward-looking

statements contained in this presentation.  AMERISAFE does not undertake

any obligation to publicly update or revise any forward-looking statements to

reflect

future

events,

information,

or

circumstances

that

arise

after

the

date of

this presentation.

3

Overview

Specialty

provider

of

workers’

compensation

insurance

Workers’

compensation insurance is statutorily required coverage and

includes

Medical expenses

Temporary or permanent disability benefits

Death benefits

Focus on small to mid-sized employers engaged in hazardous industries

Principally construction, trucking, logging, agriculture, oil and gas, maritime and

sawmills

As of 12/31/07, over 7,300 voluntary policyholders with an average annual premium

of more than $39,400 per policy

Distribution network of both independent agents and captive agency

$328 MM in gross premiums written in twelve months ended 12/31/07

At 12/31/07, net combined ratio of 85.9% and ROE of 24.1%

A.M. Best “A-”

(Excellent) rating

4

Other

14.3%

Construction

41.7%

Logging

5.3%

Trucking

22.3%

Agriculture

4.8%

Maritime

2.6%

Oil And Gas

3.8%

Sawmills

1.6%

Assigned Risk

Business

2.3%

Assumed

1.3%

Focus on Hazardous Industries

Employers

in

hazardous

industries

pay

substantially

higher

workers’

comp

rates

Our

2007

average

premium

rate

per

$100

of

payroll

is

much

higher

than

the

national

average

Nature of work performed and inherent workplace danger of our target employers

Less frequent but more severe claims

Hazardous industries provide greatest opportunity for underwriting risk selection and use of

safety services

Estimated

hazardous

comp

market

size

of

over

$15

B

for

the

class

codes

we

write

Underserved market with barriers to entry

Premium Distribution by Industry as of 12/31/07

5

Geographically Diverse Book of Business

No state represents more than 11% of gross premiums written as of 12/31/07

Market share did not exceed 5% in any state through 12/31/07

Due

to

nature

of

our

policyholders’

businesses,

we

have

minimal

terrorism

exposure

Competition is fragmented

Distribution by State of Gross Premiums Written as of 12/31/07

AKAK

3.6%3.6%

MN

3.8%

DE   1.8%

DC   0.2%

MD   2.0%

IL

5.2%

IN

2.1%

PA  4.7%

WI

3.4%

IA

0.8%

AR

2.9%

LA

10.6%

TX

4.1%

OK

4.9%

KS

1.6%

GA

9.9%

FL

4.6%

AL

2.1%

MS

4.6%

MO

2.2%

TN   3.9%

SC

4.8%

KY

0.9%

VA

5.8%

NC 9.5%

AK

3.6%

AK

3.5%

Greater than 5%

5% or less

NV

0.1%

AKAK

3.6%3.6%

MN

3.8%

DE   1.8%

DC   0.2%

MD   2.0%

IL

5.2%

IN

2.1%

PA  4.7%

WI

3.4%

IA

0.8%

AR

2.9%

LA

10.6%

TX

4.1%

OK

4.9%

KS

1.6%

GA

9.9%

FL

4.6%

AL

2.1%

MS

4.6%

MO

2.2%

TN   3.9%

SC

4.8%

KY

0.9%

VA

5.8%

NC 9.5%

AK

3.6%

AK

3.5%

Greater than 5%

5% or less

NV

0.1%

6

Risk Selection –

Underwriting & Safety

Underwriting authority not

delegated to agents

Industry-specific risk analysis

and rating tools developed

over 22 years of underwriting

history

Underwriter bonuses tied to

actual loss ratios as developed

over 30 months

Experienced underwriters most

focused on hazardous

industries

Our Field Safety Professionals

(“FSPs”) work from mobile

locations and visit employer

worksites

In-depth knowledge of insureds’

industry practices and loss

exposures

More than 90% of new voluntary

policyholders subject to pre-

quotation, worksite safety

inspection as of 12/31/07

FSP’s

bonus tied to actual loss

ratios as developed over 33

months

7

Risk Selection -

Specialized Underwriting Process

Multiple supplemental applications require industry-specific information

Risk matrices generated from these applications

Internal and online resources used for industry-specific account evaluation

Multi-level review and consultative procedures

Standard and Supplementary Applications Received

Initial Underwriting Review

Worksite Safety Inspection and UW Report

Final Underwriting Review and Consultation

ACCOUNT DECLINED

Quote

ACCOUNT BOUND

8

High-Touch Service Model -

Claims & Premium Audit

Field Case Managers (“FCMs”)

located throughout the markets

Approximately 53 open indemnity

claims per FCM as of 12/31/2007

Utilize a full complement of medical

cost containment tools

99% of our pre-2006 reported claims

were closed as of 12/31/2007

We believe our claims management

practices allow us to:

Accelerate an employee’s return to

work

Lessen the likelihood of litigation and

more rapidly close claims

Achieve more favorable outcome and

lower overall costs

Field Audit Professionals perform

annual premium audits on expired

voluntary policies, most performed

at insured’s facilities

Selective interim premium audits

on policies with certain classes of

business or unusual claims activity

On-line reporting of premium and

payment options

Monthly reporting of premium

closely matches client’s activities

and cash flow

Security deposit at policy inception

offsets losses from non-payment

of premium

9

Underwriting Environment -

Loss Cost Trends

DE  -17.8%

DC  -7.6%

MD -1.7%

TX

-7.7%

NV

-10.5%

CO

-8.8%

KS

5.6%

OK

7.2%

MN

-2.6%

IA

-0.3%

MO

-10.1%

AR

2.7%

LA

-8.6%

MS

-4.7%

IL

4.0%

IN

-0.2%

VA

2.5%

PA -10.2%

AL

-9.5%

GA

4.2%

TN -7.2%

KY -6.1%

NC  1.6%

SC 18.4%

FL

-18.4%

AK

-10.9%

NOTES:

1)  LA not yet approved

2)  The effective dates of the filings in these states range from 07/07 to 05/08

Loss Cost Decreases

Loss Cost Increases

WI

-2.5%

DE  -17.8%

DC  -7.6%

MD -1.7%

TX

-7.7%

NV

-10.5%

CO

-8.8%

KS

5.6%

OK

7.2%

MN

-2.6%

IA

-0.3%

MO

-10.1%

AR

2.7%

LA

-8.6%

MS

-4.7%

IL

4.0%

IN

-0.2%

VA

2.5%

PA -10.2%

AL

-9.5%

GA

4.2%

TN -7.2%

KY -6.1%

NC  1.6%

SC 18.4%

FL

-18.4%

AK

-10.9%

NOTES:

1)  LA not yet approved

2)  The effective dates of the filings in these states range from 07/07 to 05/08

Loss Cost Decreases

Loss Cost Increases

WI

-2.5%

10

Underwriting Environment -

Pricing Trends

Most

states

set

expected

costs

of

medical

and

indemnity

benefits

(“loss

costs”);

we then apply a state filed loss cost multiplier (“LCM”)

Even

under

increasingly

competitive

market,

we

remain

focused

on

pricing

discipline

Policy Year Effective LCM

1.51

1.54

1.14

1.37

1.56

1.53

1.43

0.93

0.90

1.00

1.10

1.20

1.30

1.40

1.50

1.60

2000

2001

2002

2003

2004

2005

2006

2007

11

Strong Financial Performance

Consistent returns over the last nine quarters

2007 Operating ROE of 24.1%

1

$7.42

$7.86

$8.18

$8.64

$10.25

$10.84

$9.23

$11.66

$9.65

17.1%

17.9%

22.8%

22.3%

33.0%

24.6%

19.3%

17.9%

15.8%

$7.00

$7.50

$8.00

$8.50

$9.00

$9.50

$10.00

$10.50

$11.00

$11.50

$12.00

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

15%

18%

20%

23%

25%

28%

30%

33%

35%

BVPS

Operating ROE (%)

Oper Inc.

$4.7 MM

$6.4 MM

$7.0 MM

1.

Excludes after-tax effect of net realized gains on investments using effective tax rate (35%).

$8.0 MM

$11.0 MM

$8.4 MM

$11.3 MM

$11.8 MM

$18.6 MM

1

12

Scalable Infrastructure

Investments in technology have enhanced our ability to select risk, write

profitable business, and cost-effectively administer our billing, claims, and

audit functions.

Net Underwriting Expense Ratio

$204.8

$185.1

$223.6

$265.0

$290.9

$332.5

$327.8

24.7%

21.3%

23.8%

24.8%

27.3%

32.1%

29.7%

20.0%

22.0%

24.0%

26.0%

28.0%

30.0%

32.0%

34.0%

2001

2002

2003

2004

2005

2006

2007

$0

$50

$100

$150

$200

$250

$300

Gross Premiums Written

Net Underwriting Expense Ratio

(1)

1 -

Includes gains of $3.7 mm from commutations

13

Selected Balance Sheet Data

As of

As of

As of

31-Dec-

05

31-Dec-

06

31-Dec-

07

Investments, Cash and Cash Equivalents

582,904

665,528

759,074

Amounts Recoverable from Reinsurers

122,562

109,603

76,915

Premiums Receivable, Net and Accrued Interest Receivable

128,531

150,305

159,229

Deferred Policy Acquisition Costs

16,973

18,486

18,414

Deferred Income Taxes

22,413

29,466

26,418

Total Assets

892,320

994,146

1,061,853

Reserves for Loss & LAE

484,485

519,178

537,403

Unearned Premiums Reserve

124,524

137,761

138,402

Insurance Related Assessments

35,135

40,886

42,234

Subordinated Debt Securities

36,090

36,090

36,090

Redeemable Preferred Stock

50,000

25,000

25,000

Shareholders' Equity

97,346

158,784

208,570

Metrics

Tangible Book Value Per Share

1

$7.42

$9.24

$11.66

Debt to Capital

1

19.7

%

16.4

%

14.3

%

1

Includes redeemable preferred stock.

($ Thousands)

14

Income Statement

2005

2006

2007

Revenues

:

Gross premiums written

$290,891

$332,491

$327,761

Ceded premiums written

(21,541)

(19,950)

(20,215)

Net premiums written

$269,350

$312,541

$307,546

Net premiums earned

$256,568

$299,303

$306,906

Net investment income

16,882

25,383

30,208

Net realized gains on investments

2,272

7,389

147

Fee and other income

561

645

1,058

Total revenues

276,283

332,720

338,319

Expenses

:

Loss and loss adjustment expenses incurred

204,056

199,484

198,531

Underwriting and other operating costs

63,384

71,288

65,515

Interest expense

2,844

3,496

3,545

Policyholder dividends

4

6,006

(367)

Total expenses

270,288

280,274

267,224

Income before taxes

5,995

52,446

71,095

Income tax expense

65

15,088

20,876

Net income

$5,930

$37,358

$50,219

Net Operating Ratios:

Loss ratio

79.5%

66.6%

64.7%

Underwriting ratio

24.7%

23.8%

21.3%

Dividend ratio

0.0%

2.0%

(0.1)%

Combined ratio

104.2%

92.4%

85.9%

15

Investment Portfolio Mix at December 31, 2007

Investment Portfolio -

Profile

Carrying value of cash and investments was $759 MM at

December 31, 2007

Equities

5.2%

Cash &

Cash Equivalents

6.3%

Variable Rate Demand

Obligations

4.3%

Asset-Backed

Securities

1.9%

U.S. Agency Mortgage-

Backed Securities

13.1%

Corporates

2.6%

U.S. Treasuries /

Agencies

6.3%

Municipals

53.5%

Commercial Mortgage-

Backed Securities

6.8%

16

Investment Opportunity

Niche focus on small to midsized employers

engaged in hazardous industries

Strong operating cash flows and operational

leverage

Specialized underwriting expertise developed over

22-year history

Efficient expense structure and scalable business

model

Comparatively high investment leverage