AMSF · CIK 0001018979
What AMERISAFE, Inc. told the SEC could break it.
AMERISAFE's profile is one of deliberate concentration. It is a monoline workers'-compensation insurer focused on high-hazard industries — construction, trucking, logging and the like — so its results ride on a single insurance line and on those cyclical, accident-prone end markets. Its premiums are also concentrated geographically, led by Florida at $44.1 million, or 15.6% of net premiums earned in 2025, which ties it to individual states' economies and loss-cost environments. And as a heavily regulated insurer it faces broad state-regulatory discretion — examinations, corrective orders, license actions — and limits on its ability to raise premium rates, which can increase costs and constrain pricing.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- state premium concentration (Florida 15.6% top)medium
AMERISAFE's workers'-comp premiums are concentrated by state — Florida was its largest at $44.1M (15.6% of net premiums earned in 2025) — exposing it to individual states' economic conditions and regulatory/loss-cost environments.
“Net premiums earned during 2025, 2024 and 2023 for the top ten states in 2025 and all others are shown below: 2025 2024 2023 Dollars Percent Dollars Percent Dollars Percent (Dollars in thousands) Florida $ 44,113 15.6 %”
SEC filing →As of 2026
Other disclosures
- monoline workers'-comp / hazardous-industry concentrationmedium
AMERISAFE is a monoline U.S. workers'-compensation insurer focused on high-hazard industries (construction, trucking, logging, etc.), so its results are concentrated in one insurance line and exposed to those cyclical, accident-prone end markets.
“The Company is a monoline insurance company operating solely within the U.S. and does no t have revenue from transactions with a single policyholder accounting for 10% or more of its revenues.”
SEC filing →As of 2026
Regulatory & policy
- state insurance regulation / rate-settingmedium
As a heavily-regulated insurer, AMERISAFE faces broad state insurance-regulatory discretion (examinations, corrective orders, license actions) and limits on its ability to raise premium rates, which can increase costs and constrain pricing.
“The extensive regulation of our business may increase our costs and may limit our ability to increase our premium rates or take other act”
SEC filing →As of 2026
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