Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Registrant [Abstract]

Condensed Financial Information of Registrant

AMERISAFE, INC.

CONDENSED BALANCE SHEETS

	December 31,
	2012		2011
	(In thousands)
Assets
Investments:
Short-term investments	$	11,161	$	25,564
Fixed-maturity securities—held to maturity, at amortized cost		678		701
Fixed-maturity securities—available-for-sale, at fair value		1,018		2,933
Equity securities—available-for-sale, at fair value		—		780
Investment in subsidiaries		330,825		321,727
Total investments		343,682		351,705
Cash and cash equivalents		31,792		14,887
Deferred income taxes		1,312		1,458
Notes receivable from subsidiaries		1,235		5,501
Property and equipment, net		2,214		2,018
Other assets		987		860
	$	381,222	$	376,429
Liabilities, redeemable preferred stock and shareholders’ equity
Liabilities:
Accounts payable and other liabilities	$	—	$	596
Payable for securities purchased		—		616
Subordinated debt securities		—		25,780
Total liabilities		—		26,992
Shareholders’ equity (net of Treasury stock of $22,370 at December 31, 2012 and 2011)		381,222		349,437
	$	381,222	$	376,429

AMERISAFE, INC.

CONDENSED STATEMENTS OF INCOME

	Year Ended December 31,
	2012			2011		2010
	(In thousands)
Revenues
Net investment income	$	571		$	478	$	(211	)
Fee and other income		4,765			9,710		7,258
Total revenues		5,336			10,188		7,047
Expenses
Other operating costs		4,770			4,827		6,956
Interest expense		566			1,311		1,548
Total expenses		5,336			6,138		8,504
Income (loss) before income taxes and equity in earnings of subsidiaries		—			4,050		(1,457	)
Income tax expense (benefit)		(9	)		1,213		(307	)
Gain (loss) before equity in earnings of subsidiaries		9			2,837		(1,150	)
Equity in net income of subsidiaries		29,344			21,344		35,670
Net income	$	29,353		$	24,181	$	34,520

AMERISAFE, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2012			2011			2010
	(In thousands)
Operating activities
Net cash (used in) provided by operating activities	$	5,149		$	(3,646	)	$	5,338
Investing activities
Purchases of investments		(23,361	)		(57,148	)		(12,491	)
Proceeds from sales of investments		39,537			40,990			1,090
Purchases of property and equipment		(842	)		(943	)		(486	)
Dividends from subsidiary		21,000			32,000			32,300
Net cash provided by investing activities		36,334			14,899			20,413
Financing activities
Proceeds from stock option exercise		781			3,339			1,455
Tax benefit from share-based payments		421			1,043			238
Redemption of Subordinated Debt Security		(25,780	)		(10,310	)		—
Purchase of treasury stock		—			(10,268	)		(12,102	)
Net cash used in financing activities		(24,578	)		(16,196	)		(10,409	)
Change in cash and cash equivalents		16,905			(4,943	)		15,342
Cash and cash equivalents at beginning of year		14,887			19,830			4,488
Cash and cash equivalents at end of year	$	31,792		$	14,887		$	19,830