AMSFMEDIUM SIGNALFINANCIAL10-K

AMERISAFE experienced a substantial decline in operating cash flow alongside reduced share repurchase activity, while maintaining dividend payments and building cash reserves.

The meaningful reduction in operating cash flow suggests potential challenges in the company's core insurance operations, possibly related to claims timing or premium collection patterns. However, management maintained most dividend payments and built cash reserves, indicating confidence in the underlying business stability.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

AMERISAFE's financial performance shows mixed signals with operating cash flow declining substantially while the company reduced share buybacks dramatically and maintained most dividend payments. Net income declined modestly by 15%, and interest expense was meaningfully reduced, suggesting improved debt management. The company strengthened its cash position by over 40%, potentially positioning for future opportunities or providing a buffer against operational headwinds.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
-82.5%
$12.4M→$2.2M

Buyback activity reduced 82.5% — capital being redeployed elsewhere or cash conservation underway.

Interest Expense
P&L
-56.8%
$1.3M→$566K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Operating Cash Flow
Cash Flow
-54.2%
$24.2M→$11.1M

Operating cash flow fell 54.2% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
+40.6%
$44.0M→$61.9M

Cash position surged 40.6% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
-15%
$55.4M→$47.1M

Net income declined 15% — review whether driven by operations, interest costs, or non-recurring items.

Dividends Paid
Cash Flow
-11.7%
$71.0M→$62.7M

Dividend reduced 11.7% — monitor management commentary on capital allocation priorities.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
As of February 13, 2026, there were 18,794,881 shares of the Registrant s common stock, par value $0.01 per share, outstanding.
The foregoing factors should not be construed as exhaustive and should be read together with the other risks described in this report, including, but not limited to, under the captions Business in Item 1, Risk Factors in Item 1A , Cybersecurity in Item 1C, Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 7, and Quantitative and Qualitative Disclosures About Market Risk in Item 7A of this report and as may be further amended by subsequent filings with the SEC.
is a specialty provider of workers compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime.
Hazardous industry employers tend to have less frequent but more severe claims, as compared to employers in other industries, due to the nature of their businesses.
We utilize proactive claims management practices that we believe ultimately reduce the overall cost of our claims.
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REMOVED
As of February 14, 2025, there were 19,050,315 shares of the Registrant s common stock, par value $0.01 per share, outstanding.
The foregoing factors should not be construed as exhaustive and should be read together with the other risks described in this report, including, but not limited to, under the captions Business in Item 1, Risk Factors in Item 1A , Cybersecurity in Item 1C, Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 7, and Quantitative and Qualitative Disclosures About Market Risk in Item 7A of this report.
Overview We are a specialty provider of workers compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, manufacturing, maritime, and telecommunications.
Hazardous industry employers tend to have less frequent but more severe claims as compared to employers in other industries due to the nature of their businesses.
We utilize intensive claims management practices that we believe permit us to reduce the overall cost of our claims.
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