Schedule II. Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2020

AMERISAFE, INC.

CONDENSED BALANCE SHEETS

	December 31,
	2020		2019
	(in thousands)
Assets:
Investments:
Fixed maturity securities—held-to-maturity, at amortized cost net of allowance for credit losses of $0 in 2020 and 2019, (fair value $361 and $0, in 2020 and 2019, respectively)	$	361	$	—
Fixed maturity securities—available-for-sale, at fair value (amortized cost $7,210 in 2020 and 2019)		7,259		7,216
Equity securities, at fair value (cost $10,007 in 2020 and 2019)		11,503		11,779
Short-term investments		9,676		17,967
Investment in subsidiaries		384,774		379,001
Total investments		413,573		415,963
Cash and cash equivalents		23,562		10,551
Notes receivable from subsidiaries		2,140		2,781
Property and equipment, net		1,605		1,720
Federal income tax recoverable		2,705		2,798
Other assets		1,420		804
Total assets	$	445,005	$	434,617
Liabilities and shareholders’ equity
Liabilities:
Accounts payable and other liabilities		6,095		4,230
Deferred income taxes		94		172
Total liabilities		6,189		4,402
Shareholders' equity (net of Treasury stock of $22,370 at December 31, 2020 and 2019)		438,816		430,215
Total liabilities and shareholders' equity	$	445,005	$	434,617

Schedule II. Condensed Financial Information of Registrant – (Continued)

AMERISAFE, INC.

CONDENSED STATEMENTS OF INCOME

	Year Ended December 31,
	2020			2019			2018
	(in thousands)
Revenues
Net investment income	$	944		$	915		$	1,089
Net unrealized gains (losses) on equity securities		(276	)		1,977			(948	)
Fee and other income		9,122			5,352			7,389
Total revenues		9,790			8,244			7,530
Expenses
Other operating costs		9,122			8,244			7,530
Total expenses		9,122			8,244			7,530
Income before income taxes and equity in earnings of subsidiaries		668			—			—
Income tax expense (benefit)		259			376			(36	)
Gain (loss) before equity in earnings of subsidiaries		409			(376	)		36
Equity in net income of subsidiaries		86,193			93,066			71,596
Net income	$	86,602		$	92,690		$	71,632

Schedule II. Condensed Financial Information of Registrant – (Continued)

AMERISAFE, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2020			2019			2018
	(in thousands)
Operating activities
Net cash provided by operating activities	$	6,012		$	2,333		$	2,448
Investing activities
Purchases of investments		(10,982	)		(27,140	)		(47,825	)
Proceeds from sales of investments		18,970			1,987			54,600
Purchases of property and equipment		(764	)		(995	)		(1,041	)
Dividends from subsidiary		88,600			115,900			65,400
Net cash provided by investing activities		95,824			89,752			71,134
Financing activities
Proceeds from stock option exercises		—			20			67
Finance lease purchases		(50	)		(47	)		—
Dividends to shareholders		(88,775	)		(87,016	)		(84,491	)
Net cash used in financing activities		(88,825	)		(87,043	)		(84,424	)
Change in cash and cash equivalents		13,011			5,042			(10,842	)
Cash and cash equivalents at beginning of year		10,551			5,509			16,351
Cash and cash equivalents at end of year	$	23,562		$	10,551		$	5,509