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): October 28, 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.

Geoffrey R. Banta, AMERISAFE, Inc.’s Executive Vice President and Chief Financial Officer, and G. Janelle Frost, its Vice President and Controller, will present at Sidoti & Company, LLC’s Emerging Growth Institutional Investor Conference II in New York, New York on Tuesday, October 28, 2008. 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	Sidoti & Company, LLC Emerging Growth Institutional Investor Conference II 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: October 27, 2008

EX-99.1

Sidoti & Company, LLC

NY Emerging Growth Institutional Investor Conference II

October 28, 2008

Geoffrey R. Banta

EVP & Chief Financial Officer

Janelle Frost

Vice President, Controller

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

performanc

e.

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 6/30/08, over 7,400 voluntary policyholders with an average annual premium

of more than $37,500 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 6/30/08, net combined ratio of 86.3% and ROE of 20.3%

A.M. Best “A-”

(Excellent) rating, Financial Size Category of VIII

4

Other

14.3%

Construction

41.7%

Logging

5.3%

Trucking

22.3%

Agriculture

4.8%

Maritime

2.6%

Oil & Gas

3.8%

Sawmills

1.6%

Assigned Risk

2.3%

Assumed Pool

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

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%

NV

0.1%

Greater than 5%

5% or less

AK

3.5%

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%

NV

0.1%

Greater than 5%

5% or less

AK

3.5%

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

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

8

Underwriting Environment -

Loss Cost Trends

DE  -17.8%

DC  -14.4%

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

-12.8%

LA

-8.6%

MS

-4.7%

IL

1.6%

IN

-0.2%

VA

2.5%

PA -10.2%

AL

-9.5%

GA

3.2%

TN -3.1%

KY -5.1%

NC  1.6%

SC 9.8%

FL

-18.4%

AK

-10.9%

NOTE:  The effective dates of the filings in these states range from 01/08 to 11/08

Loss Cost Decreases

Loss Cost Increases

WI

-2.5%

DE  -17.8%

DC  -14.4%

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

-12.8%

LA

-8.6%

MS

-4.7%

IL

1.6%

IN

-0.2%

VA

2.5%

PA -10.2%

AL

-9.5%

GA

3.2%

TN -3.1%

KY -5.1%

NC  1.6%

SC 9.8%

FL

-18.4%

AK

-10.9%

NOTE:  The effective dates of the filings in these states range from 01/08 to 11/08

Loss Cost Decreases

Loss Cost Increases

WI

-2.5%

9

Underwriting Environment -

AMSF 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

1.45

1.47

1.51

1.37

1.43

1.54

1.56

1.53

1.14

1.10

1.15

1.20

1.25

1.30

1.35

1.40

1.45

1.50

1.55

1.60

2001

2002

2003

2004

2005

2006

2007

2Q 08

1Q 08

10

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

$167.0

$204.8

$185.1

$223.6

$265.0

$290.9

$332.5

$327.8

24.7%

19.6%

21.3%

23.8%

24.8%

27.3%

32.1%

29.7%

15.0%

17.0%

19.0%

21.0%

23.0%

25.0%

27.0%

29.0%

31.0%

33.0%

2001

2002

2003

2004

2005

2006

2007

06/08

$0

$50

$100

$150

$200

$250

$300

Gross Premiums Written

Net Underwriting Expense Ratio

11

Strong Financial Performance

Consistent returns over the last eleven quarters

2007 Operating ROE of 24.1%¹

2Q08 Operating ROE of 20.6%¹

$7.42

$7.86

$8.18

$8.64

$10.25

$10.84

$12.13

$12.71

$9.23

$11.66

$9.65

20.6%

22.8%

17.9%

17.1%

20.0%

22.3%

33.0%

24.6%

19.3%

17.9%

15.8%

$5.00

$5.50

$6.00

$6.50

$7.00

$7.50

$8.00

$8.50

$9.00

$9.50

$10.00

$10.50

$11.00

$11.50

$12.00

$12.50

$13.00

4Q05

1Q06

2Q06

3Q06

4Q06

1Q07

2Q07

3Q07

4Q07

1Q08

2Q08

15%

18%

20%

23%

25%

28%

30%

33%

35%

BVPS

Operating ROE (%)

Oper Inc.¹

$4.7 M

$6.4 M

$7.0 M

1.

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

$8.0 M

$11.0 M

$8.4 M

$11.3 M

$11.8 M

$18.6 M

$11.9 M

$12.8 M

12

Return on Equity Drivers

Quarter Ending

6/30/2008

Loss Ratio

65.6%

+

Expense Ratio

19.6%

+

Policyholder Dividend Ratio

0.2%

=

Combined Ratio

85.4%

Underwriting Profit

14.6%

x

Operating Leverage

1.16

=

ROE from Underwriting

17.0%

Pre-tax Investment Yield

3.8%

x

Investment Leverage

3.10

=

ROE from Investing

11.9%

ROE from Other Income (Expense)

-0.6%

Pre-tax ROE (tax-equivalent basis)

28.3%

Effective Tax Rate

27.1%

After-tax Return on Fully Converted Equity

20.6%

13

Income Statement

As of

As of

2007

30-Jun-07

30-Jun-08

Revenues:

Gross premiums written

$327,761

$184,775

$166,972

Ceded premiums written

(20,215)

(9,860)

(9,456)

   Net premiums written

$307,546

$174,915

$157,516

Net premiums earned

$306,906

$152,987

$146,443

Net investment income

30,208

14,358

15,222

Net realized gains on investments

147

36

61

Fee and other income

1,058

277

370

Total revenues

338,319

167,658

162,096

Expenses:

Loss and loss adjustment expenses incurred

198,531

105,706

97,245

Underwriting and other operating costs

65,515

31,987

28,663

Interest expense

3,545

1,764

1,426

Policyholder dividends

(367)

687

438

Total expenses

267,224

140,144

127,772

Income before taxes

71,095

27,514

34,324

Income tax expense

20,876

7,734

9,574

Net income

$50,219

$19,780

$24,750

Net Operating Ratios:

Loss ratio

64.7%

69.1%

66.4%

Underwriting ratio

21.3%

20.9%

19.6%

Dividend ratio

(0.1)%

0.4%

0.3%

Combined ratio

85.9%

90.4%

86.3%

14

Selected Balance Sheet Data

As of

As of

As of

31-Dec-06

31-Dec-07

30-Jun-08

Investments, Cash and Cash Equivalents

665,528

759,074

768,732

Amounts Recoverable from Reinsurers

109,603

76,915

69,500

Premiums Receivable, Net and Accrued Interest Receivable

150,305

159,229

180,472

Deferred Policy Acquisition Costs

18,486

18,414

20,781

Deferred Income Taxes

29,466

26,418

30,948

Total Assets

994,146

1,061,853

1,105,297

Reserves for Loss & LAE

519,178

537,403

546,122

Unearned Premiums Reserve

137,761

138,402

149,475

Insurance Related Assessments

40,886

42,234

44,639

Subordinated Debt Securities

36,090

36,090

36,090

Redeemable Preferred Stock

25,000

25,000

25,000

Shareholders' Equity

158,784

208,570

229,842

Metrics

Tangible Book Value Per Share

1

$9.24

$11.66

$12.71

Debt to Capital

1

16.4

%

14.3

%

12.4

%

1

Includes redeemable preferred stock.

15

Investment Portfolio Mix at June 30, 2008

Investment Portfolio -

Profile

Carrying value of cash and investments was $769 MM at

June 30, 2008

Average composite rating of AA+ (incl. effect of latest

downgrades of Ambac and MBIA)

Commercial Mortgage-

Backed Securities

6.7%

Municipals

60.5%

U.S. Treasuries /

Agencies

5.2%

Corporates

2.1%

Backed Securities

12.0%

Asset-Backed

Securities

1.9%

Cash &

Cash Equivalents

7.0%

Equities

4.6%

16

Portfolio Quality Issues

Subprimes constituted less than 1.6% of our total

portfolio

We held no preferred stock of any kind

We held no i-bank stock or debt

We held no stock or debt in AIG, Wachovia or WaMu

We held no stock in Fannie or Freddie

As of6/30/08 . . .

17

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