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 29, 2009

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 2.02. Results of Operations and Financial Condition.

On April 29, 2009 AMERISAFE, Inc. (the “Company”) issued a press release announcing its financial results for the first quarter ended March 31, 2009. A copy of the Company’s press release 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	Press Release of AMERISAFE, Inc. dated April 29, 2009

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/ G. Janelle Frost
	G. Janelle Frost, Executive Vice President and Chief Financial Officer

Date: April 29, 2009

EX-99.1

Exhibit 99.1

AMERISAFE ANNOUNCES 2009 FIRST QUARTER RESULTS

DeRidder, LA – April 29, 2009—AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of high hazard workers’ compensation insurance, today announced results for the first quarter ended March 31, 2009.

	Three Months Ended March 31,
	2009			2008
Gross premiums written	$	79,429		$	80,977
Net income		11,062			11,923
Net combined ratio		88.6	%		87.1	%
Return on average equity		15.7	%		20.0	%

Net income in the first quarter of 2009 was $11.1 million compared to $11.9 million in the first quarter of 2008, a decrease of 7.2%. Pre-tax income for the first quarter of 2009 included $1.2 million of favorable prior year loss development. Pre-tax income for the first quarter of 2008 included $1.7 million of favorable prior year development. Return on average equity for the first quarter of 2009 was 15.7% compared to 20.0% for the first quarter of 2008.

Gross premiums written in the first quarter of 2009 were $79.4 million, a decrease of 1.9%, compared to $81.0 million in the first quarter of 2008. The decrease was the result of audit adjustments for policies written in prior periods, offset by an increase in voluntary premiums for policies written in the quarter. Net investment income was $7.4 million for the first quarter of 2009, compared to $7.8 million for the first quarter of 2008. First quarter revenues totaled $77.5 million, a decrease of 5.8%, compared to revenues of $82.3 million in the prior year period.

In the first quarter of 2009, diluted earnings per share allocable to common shareholders were $0.54 compared to $0.59 in the 2008 first quarter. Weighted average diluted shares outstanding for the first quarter of 2009 totaled 19,234,910 shares compared to 19,019,373 shares in the first quarter of 2008.

The net combined ratio for the quarter ended March 31, 2009 was 88.6% compared to 87.1% for the same period in 2008. Loss and loss adjustment expenses for the first quarter of 2009 were $47.1 million, or 67.2% of net premiums earned, compared to $49.9 million, or 67.2% of net premiums earned, for the first quarter of 2008. Total underwriting expenses for the first quarter of 2009 were $14.8 million, or 21.1% of net premiums earned, compared to $14.5 million, or 19.5% of net premiums earned, for the first quarter of 2008.

Commenting on these results, Allen Bradley, AMERISAFE’s Chairman, President and Chief Executive Officer, stated, “Our results for the first quarter were in line with our expectations and were remarkable given the current economic environment. Our ability to produce these results is due to our continued focus on underwriting and risk selection, claims administration and expense management. As we announced last week, A. M. Best has reaffirmed our ‘A-’ (Excellent) rating and upgraded our rating outlook to ‘positive’ from ‘stable.’ We believe AMERISAFE is well positioned to capitalize on disruptions in our market and to take advantage of opportunities when economic conditions begin to improve.”

2009 Outlook

AMERISAFE’s overall financial objective is to produce a return on equity of at least 15% over the long-term while maintaining optimal operating leverage in its insurance subsidiaries that is commensurate with the its A. M. Best rating of “A-” (Excellent).

Conference Call Information

AMERISAFE has scheduled a conference call for April 30, 2009, at 11:00 a.m. Eastern Time. To participate in the conference call dial 303-228-2960 at least 10 minutes before the call begins and ask for the AMERISAFE conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible through May 7, 2009. To access the replay, dial 303-590-3000 and use the pass code 11130529#.

Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting http://www.amerisafe.com. To listen to the live call on the web, please visit the website at least fifteen minutes before the call begins to register, download and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call and will remain available for approximately 60 days at http://www.amerisafe.com.

About AMERISAFE

AMERISAFE, Inc. is a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging, agriculture, oil and gas, maritime and sawmills. AMERISAFE actively markets workers’ compensation insurance in 30 states and the District of Columbia. The Company’s financial strength rating is “A-” (Excellent) by A.M. Best.

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” 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 release and are not guarantees of future performance. Actual results may differ materially from the results expressed or implied in these statements as the results of risks, uncertainties and other factors including, but not limited to, the factors set forth in the Company’s filings with the Securities and Exchange Commission, including AMERISAFE’s Annual Report on Form 10-K for the year ended December 31, 2008. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this release. 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 release.

- Tables to follow -

AMERISAFE, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(in thousands, except per share amounts)

	Three Months Ended March 31,
	2009			2008
	(unaudited)
Revenues:
Gross premiums written	$	79,429		$	80,977
Ceded premiums written		(5,194	)		(4,790	)
Net premiums written	$	74,235		$	76,187
Net premiums earned	$	70,001		$	74,300
Net investment income		7,372			7,817
Net realized gains on investments		26			8
Fee and other income		136			141
Total revenues		77,535			82,266
Expenses:
Loss and loss adjustment expenses incurred		47,070			49,928
Underwriting and other operating costs		14,768			14,514
Interest expense		611			769
Policyholder dividends		181			316
Total expenses		62,630			65,527
Income before taxes		14,905			16,739
Income tax expense		3,843			4,816
Net income	$	11,062		$	11,923

AMERISAFE, INC. AND SUBSIDIARIES

Consolidated Statements of Income (cont.)

(in thousands, except per share amounts)

	Three Months Ended March 31,
	2009			2008
	(unaudited)
Basic EPS:
Net income available to common shareholders	$	11,062		$	11,923
Portion allocable to common shareholders		94.1	%		94.0	%
Net income allocable to common shareholders	$	10,405		$	11,208
Basic weighted average common shares		18,845,081			18,798,362
Basic earnings per share	$	0.55		$	0.60
Diluted EPS:
Net income allocable to common shareholders	$	10,405		$	11,208
Diluted weighted average common shares:
Weighted average common shares		18,845,081			18,798,362
Stock options		380,100			206,230
Restricted stock		9,729			14,781
Diluted weighted average common shares		19,234,910			19,019,373
Diluted earnings per common share	$	0.54		$	0.59

AMERISAFE, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands)

	March 31, 2009		December 31, 2008
	(unaudited)
Assets
Investments	$	716,080	$	704,732
Cash and cash equivalents		92,475		95,241
Amounts recoverable from reinsurers		78,034		67,763
Premiums receivable, net		171,040		156,567
Deferred income taxes		34,283		33,580
Deferred policy acquisition costs		20,169		20,289
Deferred charges		3,569		3,381
Other assets		27,749		26,280
	$	1,143,399	$	1,107,833
Liabilities, redeemable preferred stock and shareholders’ equity
Liabilities:
Reserves for loss and loss adjustment expenses	$	545,058	$	531,293
Unearned premiums		141,334		137,100
Insurance-related assessments		44,126		42,505
Subordinated debt securities		36,090		36,090
Other liabilities		89,680		82,573
Redeemable preferred stock		25,000		25,000
Total shareholders’ equity		262,111		253,272
Total liabilities, redeemable preferred stock and shareholders’ equity	$	1,143,399	$	1,107,833

AMERISAFE, INC. AND SUBSIDIARIES

Selected Insurance Ratios

	Three Months Ended March 31,
	2009		2008
	(unaudited)
Current accident year loss ratio (1)	69.0	%	69.5	%
Prior accident year loss ratio (2)	(1.8	)%	(2.3	)%
Net loss ratio	67.2	%	67.2	%
Net underwriting expense ratio (3)	21.1	%	19.5	%
Net dividend ratio (4)	0.3	%	0.4	%
Net combined ratio (5)	88.6	%	87.1	%
Return on average equity (6)	15.7	%	20.0	%

(1) The current accident year loss ratio is calculated by dividing loss and loss adjustment expenses incurred for the current accident year by the current year’s net premiums earned.

(2) The prior accident year loss ratio is calculated by dividing the change in loss and loss adjustment expenses incurred for prior accident years by the current year’s net premiums earned.

(3) The net underwriting expense ratio is calculated by dividing underwriting and certain other operating costs by the current year’s net premiums earned.

(4) The net dividend ratio is calculated by dividing policyholder dividends by the current year’s net premiums earned.

(5) The net combined ratio is the sum of the net loss ratio, the net underwriting expense ratio and the net dividend ratio.

(6) Return on average equity is calculated by dividing the annualized net income by the average shareholders’ equity, including redeemable preferred stock for the applicable period.