Schedule II - Condensed Financial Information Of Registrant

12 Months Ended

Dec. 31, 2011

Condensed Financial Information Of Registrant [Abstract]

Condensed Financial Information Of Registrant

Schedule II. Condensed Financial Information of Registrant

AMERISAFE, INC.

CONDENSED BALANCE SHEETS

	December 31,
	2011		2010
	(In thousands)
Assets
Investments:
Short-term investments	$	25,564	$	12,246
Fixed-maturity securities—held to maturity, at amortized cost		701		—
Fixed-maturity securities—available-for-sale, at fair value		2,933		—
Equity securities—available-for-sale, at fair value		780		1,773
Investment in subsidiaries		323,142		331,811
Total investments		353,120		345,830
Cash and cash equivalents		14,887		19,830
Deferred income taxes		1,458		1,622
Notes receivable from subsidiaries		5,501		—
Property and equipment, net		2,018		1,894
Other assets		860		642
	$	377,844	$	369,818
Liabilities, redeemable preferred stock and shareholders' equity
Liabilities:
Accounts payable and other liabilities	$	596	$	607
Note payable to subsidiaries		—		2,042
Payable for securities purchased		616		887
Subordinated debt securities		25,780		36,090
Total liabilities		26,992		39,626
Shareholders' equity (net of Treasury stock of $22,370 and $12,102 at December 31, 2011 and December 31, 2010, respectively)		350,852		330,192
	$	377,844	$	369,818

AMERISAFE, INC.

CONDENSED STATEMENTS OF INCOME

	Year Ended December 31,
	2011		2010			2009
	(In thousands)
Revenues
Net investment income	$	478	$	(211	)	$	553
Fee and other income		9,710		7,258			7,071
Total revenues		10,188		7,047			7,624
Expenses
Other operating costs		4,827		6,956			6,646
Interest expense		1,311		1,548			1,810
Total expenses		6,138		8,504			8,456
Income (loss) before income taxes and equity in earnings of subsidiaries		4,050		(1,457	)		(832	)
Income tax expense (benefit)		1,213		(307	)		(289	)
Gain (loss) before equity in earnings of subsidiaries		2,837		(1,150	)		(543	)
Equity in net income of subsidiaries		21,288		35,756			48,106
Net income	$	24,125	$	34,606		$	47,563

AMERISAFE, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2011			2010			2009
	(In thousands)
Operating activities
Net cash (used in) provided by operating activities	$	(3,646	)	$	5,338		$	577
Investing activities
Purchases of investments		(57,148	)		(12,491	)		(10,253	)
Proceeds from sales of investments		40,990			1,090			10,253
Purchases of property and equipment		(943	)		(486	)		(805	)
Dividends from subsidiary		32,000			32,300			10,000
Net cash provided by investing activities		14,899			20,413			9,195
Financing activities
Proceeds from stock option exercise		3,339			1,455			295
Tax benefit from share-based payments		1,043			238			45
Redemption of preferred stock		—			—			(25,875	)
Redemption of Subordinated Debt Security		(10,310	)		—			—
Purchase of treasury stock		(10,268	)		(12,102	)		—
Net cash used in financing activities		(16,196	)		(10,409	)		(25,535	)
Change in cash and cash equivalents		(4,943	)		15,342			(15,763	)
Cash and cash equivalents at beginning of year		19,830			4,488			20,251
Cash and cash equivalents at end of year	$	14,887		$	19,830		$	4,488