Schedule II. Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule II. Condensed Financial Information of Registrant

Schedule II. Condensed Financial Information of Registrant

AMERISAFE, INC.

CONDENSED BALANCE SHEETS

	December 31,
	2014			2013
	(in thousands)
Assets
Investments:
Short-term investments	$	250		$	248
Fixed-maturity securities—available-for-sale, at fair value		—			965
Other investments		11,748			10,591
Investment in subsidiaries		387,954			352,193
Total investments		399,952			363,997
Cash and cash equivalents		43,585			47,726
Deferred income taxes		1,001			1,383
Notes receivable from subsidiaries		(1	)		1,805
Property and equipment, net		2,070			2,181
Other assets		4,992			556
	$	451,599		$	417,648
Liabilities, redeemable preferred stock and shareholders’ equity
Liabilities:
Accounts payable and other liabilities	$	3,853		$	834
Notes payable to subsidiaries		778			—
Total liabilities		4,631			834
Shareholders’ equity (net of Treasury stock of $22,370 at December 31, 2014 and 2013)		446,968			416,814
	$	451,599		$	417,648

AMERISAFE, INC.

CONDENSED STATEMENTS OF INCOME

	Year Ended December 31,
	2014			2013			2012
	(in thousands)
Revenues
Net investment income	$	1,541		$	1,051		$	571
Fee and other income		5,368			5,453			4,765
Total revenues		6,909			6,504			5,336
Expenses
Other operating costs		6,909			6,504			4,770
Interest expense		—			—			566
Total expenses		6,909			6,504			5,336
Income (loss) before income taxes and equity in earnings of subsidiaries		—			—			—
Income tax expense (benefit)		(13	)		6			(9	)
Gain (loss) before equity in earnings of subsidiaries		13			(6	)		9
Equity in net income of subsidiaries		53,653			43,643			29,344
Net income	$	53,666		$	43,637		$	29,353

AMERISAFE, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2014			2013			2012
	(in thousands)
Operating activities
Net cash (used in) provided by operating activities	$	2,161		$	1,829		$	5,149
Investing activities
Purchases of investments		(1,462	)		(10,248	)		(23,361	)
Proceeds from sales of investments		2,404			11,674			39,537
Purchases of property and equipment		(691	)		(779	)		(842	)
Dividends from subsidiary		25,000			15,000			21,000
Net cash provided by investing activities		25,251			15,647			36,334
Financing activities
Proceeds from stock option exercises		2,674			2,344			781
Tax benefit from share-based payments		2,841			2,024			421
Redemption of Subordinated Debt Security		—			—			(25,780	)
Dividends to shareholders		(37,068	)		(5,910	)		—
Net cash used in financing activities		(31,553	)		(1,542	)		(24,578	)
Change in cash and cash equivalents		(4,141	)		15,934			16,905
Cash and cash equivalents at beginning of year		47,726			31,792			14,887
Cash and cash equivalents at end of year	$	43,585		$	47,726		$	31,792