10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2014

Commission file number: 001-12251

AMERISAFE, INC.

(Exact Name of Registrant as Specified in Its Charter)

Texas	75-2069407
(State of Incorporation)	(I.R.S. Employer Identification Number)
2301 Highway 190 West, DeRidder, Louisiana	70634
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (337) 463-9052

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	x
Non-accelerated filer	¨ (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

As of July 31, 2014, there were 18,741,325 shares of the Registrant’s common stock, par value $.01 per share, outstanding.

TABLE OF CONTENTS

		Page No.
PART I—FINANCIAL INFORMATION
	Forward-Looking Statements		3
Item 1	Financial Statements		4
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		17
Item 3	Quantitative and Qualitative Disclosures About Market Risk		23
Item 4	Controls and Procedures		24
PART II—OTHER INFORMATION
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds		24
Item 6	Exhibits		25

2

FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and the insurance industry in general. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate” and similar statements of a future or forward-looking nature identify forward-looking statements. Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the following:

• increased competition on the basis of types of insurance offered, premium rates, coverage availability, payment terms, claims management, safety services, policy terms, overall financial strength, financial ratings and reputation;

• greater frequency or severity of claims and loss activity, including as a result of natural or man-made catastrophic events, than our underwriting, reserving or investment practices anticipate based on historical experience or industry data;

• general economic conditions, including recession, inflation, performance of financial markets, interest rates, unemployment rates and fluctuating asset values;

• the cyclical nature of the workers’ compensation insurance industry;

• loss of the services of any of our senior management or other key employees;

• decreased level of business activity of our policyholders caused by decreased business activity generally, and in particular in the industries we target;

• adverse developments in economic, competitive or regulatory conditions within the workers’ compensation insurance industry;

• decreased demand for our insurance;

• changes in regulations, laws, rates, or rating factors applicable to us, our policyholders or the agencies that sell our insurance;

• changes in rating agency policies, practices or ratings;

• changes in the availability, cost or quality of reinsurance and the failure of our reinsurers to pay claims in a timely manner or at all;

• changes in legal theories of liability under our insurance policies;

• developments in capital markets that adversely affect the performance of our investments;

• the effects of U.S. involvement in hostilities with other countries and large-scale acts of terrorism, or the threat of hostilities or terrorist acts; and

• other risks and uncertainties described from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”).

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this report, and under the caption “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2013. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate.

3

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

AMERISAFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

	June 30, 2014			December 31, 2013
	(unaudited)
Assets
Investments:
Fixed maturity securities—held-to-maturity, at amortized cost (fair value $607,512 and $561,179 in 2014 and 2013, respectively)	$	579,145		$	536,583
Fixed maturity securities—available-for-sale, at fair value (cost $282,240 and $244,409 in 2014 and 2013, respectively)		284,613			237,877
Equity securities—available-for-sale, at fair value (cost $3,446 and $9,482 in 2014 and 2013, respectively)		3,980			9,302
Short-term investments		85,806			84,422
Other investments		11,092			10,591
Total investments		964,636			878,775
Cash and cash equivalents		98,818			123,077
Amounts recoverable from reinsurers		85,512			75,326
Premiums receivable, net of allowance		205,113			171,579
Deferred income taxes		33,542			33,645
Accrued interest receivable		11,234			11,242
Property and equipment, net		7,589			7,549
Deferred policy acquisition costs		21,809			19,171
Other assets		11,464			8,637
	$	1,439,717		$	1,329,001
Liabilities and shareholders’ equity
Liabilities:
Reserves for loss and loss adjustment expenses	$	657,276		$	614,557
Unearned premiums		184,238			164,296
Reinsurance premiums payable		1,000			607
Amounts held for others		39,084			35,739
Policyholder deposits		47,450			44,620
Insurance-related assessments		32,137			25,428
Accounts payable and other liabilities		32,651			26,940
Payable for investments purchased		10,397			—
		1,004,233			912,187
Shareholders’ equity:
Common stock:
Voting—$0.01 par value authorized shares—50,000,000 in 2014 and 2013; 19,984,575 and 19,855,430 shares issued and 18,726,325 and 18,597,180 shares outstanding in 2014 and 2013, respectively		199			198
Additional paid-in capital		195,436			192,537
Treasury stock at cost (1,258,250 shares in 2014 and 2013)		(22,370	)		(22,370	)
Accumulated earnings		260,258			250,744
Accumulated other comprehensive income/(loss), net		1,961			(4,295	)
		435,484			416,814
	$	1,439,717		$	1,329,001

See accompanying notes.

4

AMERISAFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except share and per share data)

(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Revenues
Gross premiums written	$	103,820		$	95,815		$	209,523		$	194,938
Ceded premiums written		(3,493	)		(4,576	)		(6,832	)		(9,057	)
Net premiums written	$	100,327		$	91,239		$	202,691		$	185,881
Net premiums earned	$	93,516		$	81,983		$	182,749		$	161,692
Net investment income		6,845			6,649			13,553			13,319
Net realized gains/(losses) on investments		232			(1,291	)		333			(1,267	)
Fee and other income		31			170			162			279
Total revenues		100,624			87,511			196,797			174,023
Expenses
Loss and loss adjustment expenses incurred		62,463			56,813			123,748			112,814
Underwriting and certain other operating costs		8,839			7,770			16,802			14,838
Commissions		6,987			6,229			13,674			12,393
Salaries and benefits		5,186			5,664			11,907			11,309
Policyholder dividends		88			388			201			942
Total expenses		83,563			76,864			166,332			152,296
Income before income taxes		17,061			10,647			30,465			21,727
Income tax expense		4,288			3,003			7,143			5,232
Net income		12,773			7,644			23,322			16,495
Net income available to common shareholders	$	12,773		$	7,618		$	23,322		$	16,454
Earnings per share
Basic	$	0.69		$	0.42		$	1.26		$	0.90
Diluted	$	0.68		$	0.41		$	1.23		$	0.88
Shares used in computing earnings per share
Basic		18,600,186			18,353,174			18,566,235			18,317,452
Diluted		18,894,885			18,712,299			18,885,384			18,713,776
Extraordinary cash dividends declared per common share	$	—		$	—		$	0.50		$	—
Cash dividends declared per common share	$	0.12		$	0.08		$	0.24		$	0.16

See accompanying notes.

5

AMERISAFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
	2014		2013			2014		2013
Net income	$	12,773	$	7,644		$	23,322	$	16,495
Other comprehensive income:
Unrealized gain/(loss) on securities, net of tax		3,016		(4,060	)		6,256		(4,605	)
Comprehensive income	$	15,789	$	3,584		$	29,578	$	11,890

AMERISAFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

(in thousands, except share data)

(unaudited)

	Common Stock				Treasury Stock						Additional Paid-In		Accumulated			Accumulated Other Comprehensive
	Shares		Amount		Shares			Amounts			Capital		Earnings			Loss			Total
Balance at December 31, 2013		19,855,430	$	198		(1,258,250	)	$	(22,370	)	$	192,537	$	250,744		$	(4,295	)	$	416,814
Comprehensive income		—		—		—			—			—		23,322			6,256			29,578
Options exercised		123,167		1		—			—			1,126		—			—			1,127
Tax benefit from share-based payments		—		—		—			—			1,227		—			—			1,227
Restricted common stock issued		5,978		—		—			—			—		—			—			—
Share-based compensation		—		—		—			—			546		—			—			546
Dividends to stockholders		—		—		—			—			—		(13,808	)		—			(13,808	)
Balance at June 30, 2014		19,984,575	$	199		(1,258,250	)	$	(22,370	)	$	195,436	$	260,258		$	1,961		$	435,484

See accompanying notes.

6

AMERISAFE, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Six Months Ended June 30,
	2014			2013
Operating Activities
Net income	$	23,322		$	16,495
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		627			644
Net amortization of investments		7,389			6,183
Deferred income taxes		(3,266	)		(1,772	)
Net realized (gains)/losses on investments		(333	)		1,267
Loss on sale of asset		—			2
Share-based compensation		423			669
Changes in operating assets and liabilities:
Premiums receivable, net		(33,534	)		(38,295	)
Accrued interest receivable		8			(488	)
Deferred policy acquisition costs		(2,638	)		(2,540	)
Other assets		(3,328	)		(2,121	)
Reserves for loss and loss adjustment expenses		42,719			23,020
Unearned premiums		19,942			24,188
Reinsurance balances		(9,793	)		(1,855	)
Amounts held for others and policyholder deposits		6,175			7,756
Accounts payable and other liabilities		22,885			26,293
Net cash provided by operating activities		70,598			59,446
Investing Activities
Purchases of investments held-to-maturity		(92,419	)		(48,321	)
Purchases of investments available-for-sale		(67,029	)		(77,720	)
Purchases of short-term investments		(69,139	)		(72,680	)
Proceeds from maturities of investments held-to-maturity		46,614			62,403
Proceeds from sales and maturities of investments available-for-sale		33,120			11,179
Proceeds from sales and maturities of short-term investments		66,061			58,039
Purchases of property and equipment		(667	)		(662	)
Net cash used in investing activities		(83,459	)		(67,762	)
Financing Activities
Proceeds from stock option exercises		1,127			1,125
Tax benefit from share-based payments		1,227			883
Dividends to stockholders		(13,752	)		(2,944	)
Net cash used in financing activities		(11,398	)		(936	)
Change in cash and cash equivalents		(24,259	)		(9,252	)
Cash and cash equivalents at beginning of period		123,077			92,676
Cash and cash equivalents at end of period	$	98,818		$	83,424

See accompanying notes.

7

AMERISAFE, INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1. Basis of Presentation

AMERISAFE, Inc. (the “Company”) is an insurance holding company incorporated in the state of Texas. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries: American Interstate Insurance Company (“AIIC”), Silver Oak Casualty, Inc. (“SOCI”), American Interstate Insurance Company of Texas (“AIICTX”), Amerisafe Risk Services, Inc. (“RISK”) and Amerisafe General Agency, Inc. (“AGAI”). AIIC and SOCI are property and casualty insurance companies organized under the laws of the state of Nebraska. AIICTX is a property and casualty insurance company organized under the laws of the state of Texas. In 2013, AIIC and SOCI were re-domesticated to Nebraska from Louisiana. RISK, a wholly owned subsidiary of the Company, is a claims and safety services company, currently servicing only affiliated insurance companies. AGAI, a wholly owned subsidiary of the Company, is a general agent for the Company. AGAI sells insurance, which is underwritten by AIIC, SOCI and AIICTX, as well as by nonaffiliated insurance carriers. The assets and operations of AGAI are not significant to that of the Company and its consolidated subsidiaries. The terms “AMERISAFE,” the “Company,” “we,” “us” or “our” refer to AMERISAFE, Inc. and its consolidated subsidiaries, as the context requires.

The Company provides workers’ compensation insurance for small to mid-sized employers engaged in hazardous industries, principally construction, trucking, manufacturing, oil and gas, and agriculture. Assets and revenues of AIIC represent at least 95% of comparable consolidated amounts of the Company for each of 2014 and 2013.

In the opinion of management of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, the results of operations and cash flows for the periods presented. The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934 and therefore do not include all information and footnotes to be in conformity with accounting principles generally accepted in the United States (“GAAP”). The results for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited condensed consolidated financial statements contained herein should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note 2. Stock Options and Restricted Stock

The Company has three equity incentive plans: the AMERISAFE 2005 Equity Incentive Plan (the “2005 Incentive Plan”), the AMERISAFE 2010 Non-Employee Director Restricted Stock Plan (the “2010 Restricted Stock Plan”) and the AMERISAFE 2012 Equity and Incentive Compensation Plan (the “2012 Incentive Plan”). See Note 13 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 for additional information regarding the Company’s incentive plans.

In June 2014, the Company granted 4,866 shares of restricted common stock to non-employee directors in accordance with the 2010 Restricted Stock Plan. The market value of the restricted shares granted was $0.2 million.

During the six months ended June 30, 2014, options to purchase 123,167 shares of common stock were exercised. During the six months ended June 30, 2013, options to purchase 125,000 shares of common stock were exercised. In connection with these exercises, the Company received $1.1 million of stock option proceeds in the first six months each of 2014 and 2013.

The Company recognized share-based compensation expense of $0.4 million and $0.7 million in the six months ended June 30, 2014 and 2013, respectively.

Note 3. Earnings Per Share

The Company computes earnings per share (“EPS”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Additionally, during 2013, the Company applied the “two-class method” in computing basic and diluted earnings per share as a result of the participating unvested common shares which contained nonforfeitable rights to dividends during this period. As of January 1, 2014, the Company no longer has participating unvested common shares which contain nonforfeitable rights to dividends and now applies the treasury stock method in computing basic and diluted earnings per share.

8

Under the two-class method, net income available to common and participating common shareholders is reduced by the amount of dividends declared in the current period and by the contractual amount of dividends that must be paid for the current period related to the Company’s common and participating common shares. Participating common shares include unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid. Any remaining undistributed earnings are allocated to the common and participating common shareholders to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. The amount of earnings allocable to each security is divided by the number of outstanding shares of the security to which the earnings are allocated to determine the EPS for the security. In a period of loss, no losses are allocated to the participating common shareholders. Instead, all such losses are allocated to the common shareholders.

Basic EPS is calculated by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any outstanding options or warrants were exercised or restricted stock becomes vested, and includes the “if converted” method for participating securities if the effect is dilutive. We determine diluted EPS as the more dilutive result of either the treasury method or the two-class method.

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(in thousands, except share and per share amounts)
Basic EPS:
Net income, as reported	$	12,773	$	7,644	$	23,322	$	16,495
Less allocated income to unvested shares		—		26		—		41
Net income available to common shareholders—basic	$	12,773	$	7,618	$	23,322	$	16,454
Basic weighted average common shares		18,600,186		18,353,174		18,566,235		18,317,452
Basic earnings per common share	$	0.69	$	0.42	$	1.26	$	0.90
Diluted EPS:
Net income available to common shareholders—diluted	$	12,773	$	7,619	$	23,322	$	16,455
Diluted weighted average common shares:
Weighted average common shares		18,600,186		18,353,174		18,566,235		18,317,452
Stock options and performance shares		294,699		359,125		319,149		396,324
Diluted weighted average common shares		18,894,885		18,712,299		18,885,384		18,713,776
Diluted earnings per common share	$	0.68	$	0.41	$	1.23	$	0.88

Note 4. Investments

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at June 30, 2014 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	392,381	$	21,821	$	(66	)	$	414,136
Corporate bonds		102,925		756		(57	)		103,624
Commercial mortgage-backed securities		49,327		2,767		—			52,094
U.S. agency-based mortgage-backed securities		19,170		1,892		—			21,062
U.S. Treasury securities and obligations of U.S. government agencies		12,259		1,132		(1	)		13,390
Asset-backed securities		3,083		243		(120	)		3,206
Totals	$	579,145	$	28,611	$	(244	)	$	607,512

9

The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at June 30, 2014 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Fixed maturity:
States and political subdivisions	$	151,140	$	5,711	$	(1,759	)	$	155,092
Corporate bonds		121,088		708		(33	)		121,763
U.S. agency-based mortgage-backed securities		10,012		1		(2,255	)		7,758
Total fixed maturity		282,240		6,420		(4,047	)		284,613
Other investments		10,000		1,092		—			11,092
Equity securities		3,446		540		(6	)		3,980
Totals	$	295,686	$	8,052	$	(4,053	)	$	299,685

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2013 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	381,674	$	18,634	$	(1,153	)	$	399,155
Corporate bonds		67,423		861		(41	)		68,243
Commercial mortgage-backed securities		50,813		3,431		—			54,244
U.S. agency-based mortgage-backed securities		21,775		1,790		—			23,565
U.S. Treasury securities and obligations of U.S. Government agencies		11,514		1,002		—			12,516
Asset-backed securities		3,384		216		(144	)		3,456
Totals	$	536,583	$	25,934	$	(1,338	)	$	561,179

The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2013 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Fixed maturity:
States and political subdivisions	$	154,024	$	1,491	$	(5,140	)	$	150,375
Corporate bonds		80,344		445		(361	)		80,428
U.S. agency-based mortgage-backed securities		10,041		—		(2,967	)		7,074
Total fixed maturity		244,409		1,936		(8,468	)		237,877
Other investments		10,000		591		—			10,591
Equity securities		9,482		387		(567	)		9,302
Totals	$	263,891	$	2,914	$	(9,035	)	$	257,770

10

A summary of the cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at June 30, 2014, by contractual maturity, is as follows:

Remaining Time to Maturity	Amortized Cost Basis		Fair Value
	(in thousands)
Less than one year	$	55,153	$	55,726
One to five years		186,929		194,771
Five to ten years		140,954		150,762
More than ten years		124,529		129,891
U.S. agency-based mortgage-backed securities		19,170		21,062
Commercial mortgage-backed securities		49,327		52,094
Asset-backed securities		3,083		3,206
Total	$	579,145	$	607,512

A summary of cost and fair value of investments in fixed maturity securities, classified as available-for-sale at June 30, 2014, by contractual maturity, is as follows:

Remaining Time to Maturity	Amortized Cost Basis		Fair Value
	(in thousands)
Less than one year	$	34,052	$	34,120
One to five years		84,799		85,482
Five to ten years		14,305		14,661
More than ten years		139,072		142,592
U.S. agency-based mortgage-backed securities		10,012		7,758
Total	$	282,240	$	284,613

The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position:

	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(In thousands)
June 30, 2014
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	19,268	$	57	$	—	$	—	$	19,268	$	57
States and political subdivisions		14,872		64		1,423		2		16,295		66
Asset-backed securities		—		—		1,799		120		1,799		120
U.S. Treasury securities and obligations of U.S. government agencies		2,852		1		—		—		2,852		1
Total held-to-maturity securities		36,992		122		3,222		122		40,214		244
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	20,127	$	30	$	986	$	3	$	21,113	$	33
States and political subdivisions		14,689		82		12,700		1,677		27,389		1,759
U.S. agency-based mortgage-backed securities		605		79		7,031		2,176		7,636		2,255
Equity securities		480		6		—		—		480		6
Total available-for-sale securities		35,901		197		20,717		3,856		56,618		4,053
Total	$	72,893	$	319	$	23,939	$	3,978	$	96,832	$	4,297

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	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(In thousands)
December 31, 2013
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	14,090	$	41	$	—	$	—	$	14,090	$	41
States and political subdivisions		54,895		1,147		311		6		55,206		1,153
Asset-backed securities		—		—		1,916		144		1,916		144
Total held-to-maturity securities		68,985		1,188		2,227		150		71,212		1,338
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	29,691	$	361	$	—	$	—	$	29,691	$	361
States and political subdivisions		101,908		4,798		1,753		342		103,661		5,140
U.S. agency-based mortgage-backed securities		1,303		465		5,772		2,502		7,075		2,967
Equity securities		5,205		567		—		—		5,205		567
Total available-for-sale securities		138,107		6,191		7,525		2,844		145,632		9,035
Total	$	207,092	$	7,379	$	9,752	$	2,994	$	216,844	$	10,373

At June 30, 2014, the Company held 88 individual fixed maturity securities and one equity security that were in an unrealized loss position, of which 26 individual fixed maturity securities were in a continuous unrealized loss position for longer than 12 months.

The Company holds investments in a long/short equity fund, accounted for under the equity method. The carrying value of this investment is $11.1 million at June 30, 2014.

Investment income is recognized as it is earned. The discount or premium on fixed maturity securities is amortized using the “constant yield” method. Anticipated prepayments, where applicable, are considered when determining the amortization of premiums or discounts. Realized investment gains and losses are determined using the specific identification method.

We regularly review our investment portfolio to evaluate the necessity of recording impairment losses for other-than-temporary declines in the fair value of our investments. We consider various factors in determining if a decline in the fair value of an individual security is other-than-temporary. The key factors we consider are:

• any reduction or elimination of dividends, or nonpayment of scheduled principal or interest payments;

• the financial condition and near-term prospects of the issuer of the applicable security, including any specific events that may affect its operations or earnings;

• how long and by how much the fair value of the security has been below its cost or amortized cost;

• any downgrades of the security by a rating agency;

• our intent not to sell the security for a sufficient time period for it to recover its value;

• the likelihood of being forced to sell the security before the recovery of its value; and

• an evaluation as to whether there are any credit losses on debt securities.

We reviewed all securities with unrealized losses in accordance with the impairment policy described above. The Company expects to hold investments in equity securities for a reasonable period of time sufficient for a recovery of fair value. We determined that the unrealized losses in the fixed maturity securities portfolio related primarily to changes in market interest rates since the date of purchase, current conditions in the capital markets and the impact of those conditions on market liquidity and prices generally, and the transfer of the investments from the available-for-sale classification to the held-to-maturity classification in January 2004. We expect to recover the carrying value of these securities as it is not more likely than not that we will be required to sell the security before the recovery of its amortized cost basis. In addition, none of the unrealized losses on debt securities are considered credit losses.

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Net realized gains on investments in the six months ended June 30, 2014 totaled $0.3 million resulting from gains on called fixed maturity securities and the sale of equity securities. Net realized losses in the six months ended June 30, 2013 were $1.3 million from the impairment losses recognized for other-than-temporary declines in the fair value of certain equity securities of $1.9 million offset by realized gains of $0.6 from the sale of equity and fixed maturity securities classified as available-for-sale.

Note 5. Income Taxes

In accordance with FASB ASC Topic 740, “Income Taxes,” we provide for the recognition and measurement of deferred income tax benefits based on the likelihood of their realization in future years. As of June 30, 2014, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required.

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. There were no uncertain tax positions recognized for the periods ended June 30, 2014 and 2013.

Tax years 2009 through 2013 are subject to examination by the federal and state taxing authorities. In April 2012, the Company was notified by the Internal Revenue Service that the examination for tax year 2009 had been completed, but remains subject to state taxing authorities.

Note 6. Comprehensive Income and Accumulated Other Comprehensive Income

Comprehensive income was $15.8 million for the three months ended June 30, 2014, compared to $3.6 million for the three months ended June 30, 2013. The difference between net income as reported and comprehensive income was due to changes in unrealized gains and losses, net of tax on available-for-sale securities.

Comprehensive income includes net income plus unrealized gains/losses on our available-for-sale investment securities, net of tax. In reporting comprehensive income on a net basis in the statement of income, we used a 35 percent tax rate. The following table illustrates the changes in the balance of each component of accumulated other comprehensive income for each period presented in the interim financial statements.

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(in thousands)
Beginning balance	$	(1,055	)	$	2,434		$	(4,295	)	$	2,979
Other comprehensive income/(loss) before reclassification		3,143			(4,442	)		6,120			(4,857	)
Amounts reclassified from accumulated other comprehensive income		(127	)		382			136			252
Net current period other comprehensive income/(loss)		3,016			(4,060	)		6,256			(4,605	)
Ending balance	$	1,961		$	(1,626	)	$	1,961		$	(1,626	)

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The sale or other-than-temporary impairment of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive income to current period net income. The effects of reclassifications out of accumulated other comprehensive income by the respective line items of net income are presented in the following table.

Component of Accumulated Other Comprehensive Income	Three Months Ended June 30,						Six Months Ended June 30,						Affected line item in the statement of income
	2014			2013			2014			2013
	(in thousands)
Unrealized gains/(losses) on available-for-sale securities	$	195		$	209		$	(209	)	$	92		Net realized gains on investments
Other-than-temporary impairment		—			(797	)		—			(479	)	Net realized gains on investments
		195			(588	)		(209	)		(387	)	Income before income taxes
		(68	)		206			73			135		Income tax expense
	$	127		$	(382	)	$	(136	)	$	(252	)	Net income

Note 7. Fair Value Measurements

We carry available-for-sale securities at fair value in our consolidated financial statements and determine fair value measurements and disclosure in accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures.”

The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements.

Fair value is defined in ASC Topic 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is the price to sell an asset or transfer a liability and, therefore, represents an exit price, not an entry price. Fair value is the exit price in the principal market (or, if lacking a principal market, the most advantageous market) in which the reporting entity would transact. Fair value is a market-based measurement, not an entity-specific measurement, and, as such, is determined based on the assumptions that market participants would use in pricing the asset or liability. The exit price objective of a fair value measurement applies regardless of the reporting entity’s intent and/or ability to sell the asset or transfer the liability at the measurement date.

ASC Topic 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset, also known as current replacement cost. Valuation techniques used to measure fair value are to be consistently applied.

In ASC Topic 820, inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable:

• Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.

• Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Valuation techniques used to measure fair value are intended to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels:

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

• Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data.

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• Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are to be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters.

The fair values of the Company’s investments are based upon prices provided by an independent pricing service. The Company has reviewed these prices for reasonableness and has not adjusted any prices received from the independent provider. Securities reported at fair value utilizing Level 1 inputs represent assets whose fair value is determined based upon observable unadjusted quoted market prices for identical assets in active markets. Level 2 securities represent assets whose fair value is determined using observable market information such as previous day trade prices, quotes from less active markets or quoted prices of securities with similar characteristics. There were no transfers between Level 1 and Level 2 during the six months ended June 30, 2014.

At June 30, 2014, assets and liabilities measured at fair value on a recurring basis are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as a part of:
Other investments	$	—	$	—	$	11,092	$	11,092
Securities available for sale—equity:
Domestic common stock		3,980		—		—		3,980
Securities available for sale—fixed maturity:
States and political subdivisions		—		155,092		—		155,092
Corporate bonds		—		121,763		—		121,763
U.S. agency-based mortgage-backed securities		—		7,758		—		7,758
Total securities available for sale—fixed maturity		—		284,613		—		284,613
Total available for sale	$	3,980	$	284,613	$	11,092	$	299,685

At June 30, 2014, assets and liabilities measured at amortized cost are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity
States and political subdivisions	$	—	$	414,136	$	—	$	414,136
Corporate bonds		—		103,624		—		103,624
Commercial mortgage-backed securities		—		52,094		—		52,094
U.S. agency-based mortgage-backed securities		—		21,062		—		21,062
U.S. Treasury securities		7,339		—		—		7,339
Obligations of U.S. government agencies		—		6,051		—		6,051
Asset-backed securities		—		3,206		—		3,206
Total held-to-maturity	$	7,339	$	600,173	$	—	$	607,512

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At December 31, 2013, assets and liabilities measured at fair value on a recurring basis are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as part of:
Other investments	$	—	$	—	$	10,591	$	10,591
Securities available for sale—equity
Domestic common stock		9,302		—		—		9,302
Securities available for sale—fixed maturity
States and political subdivisions		—		150,375		—		150,375
Corporate bonds		—		80,428		—		80,428
U.S. agency-based mortgage-backed securities		—		7,074		—		7,074
Total available for sale—fixed maturity		—	$	237,877	$	—	$	237,877
Total available for sale	$	9,302	$	237,877	$	10,591	$	257,770

At December 31, 2013, assets and liabilities measured at amortized cost are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity
States and political subdivisions	$	—	$	399,155	$	—	$	399,155
Corporate bonds		—		68,243		—		68,243
Commercial mortgage-backed securities		—		54,244		—		54,244
U.S. agency-based mortgage-backed securities		—		23,565		—		23,565
U.S. Treasury securities		6,602		—		—		6,602
Obligations of U.S. government agencies		—		5,914		—		5,914
Asset-backed securities		—		3,456		—		3,456
Total held-to-maturity	$	6,602	$	554,577	$	—	$	561,179

The Company determines fair value amounts for financial instruments using available third-party market information. When such information is not available, the Company determines the fair value amounts using appropriate valuation methodologies. Nonfinancial instruments such as real estate, property and equipment, deferred policy acquisition costs, deferred income taxes and loss and loss adjustment expense reserves are excluded from the fair value disclosure.

Cash and Cash Equivalents—The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values, which are characterized as Level 1 assets.

Investments—The fair values for fixed maturity and equity securities are based on prices obtained from an independent pricing service. Equity and treasury securities are characterized as Level 1 assets, as their fair values are based on quoted prices in active markets. Fixed maturity securities, other than treasury securities, are characterized as Level 2 assets, as their fair values are determined using observable market inputs.

Short Term Investments—The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values. These securities are characterized as Level 2 assets in the fair value hierarchy.

Other Investments—Other investments consist of limited partnership (LP) interests valued using the net asset value provided by the general partner of the LP, which approximates the fair value of the interest. The LP’s objective is to generate absolute returns by investing long and short in publicly-traded global securities. Redemptions are allowed monthly following a sixty day notice with no lock up periods. The Company has no unfunded commitments related to the LP. This investment is characterized as a Level 3 asset in the fair value hierarchy.

16

The following table summarizes the carrying values and corresponding fair values for financial instruments:

	As of June 30, 2014				As of December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	579,145	$	607,512	$	536,583	$	561,179
Fixed maturity securities—available-for-sale		284,613		284,613		237,877		237,877
Equity securities		3,980		3,980		9,302		9,302
Cash and cash equivalents		98,818		98,818		123,077		123,077
Short-term investments		85,806		85,806		84,422		84,422
Other investments		11,092		11,092		10,591		10,591

The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input.

	June 30, 2014		December 31, 2013
	(in thousands)
Beginning balance	$	10,591	$	—
Purchases		—		10,000
Total gains unrealized (Included in earnings as part of net investment income)		501		591
Ending Balance	$	11,092	$	10,591

The purchase reported on the Level 3 table above is related to an interest in a limited partnership.

Note 8. Treasury Stock

The Company’s Board of Directors initiated a share repurchase program in February 2010. In October 2011, October 2012 and October 2013, the Board reauthorized this program with a new limit of $25.0 million. Unless reauthorized, the program will expire on December 31, 2014. Since the beginning of this plan, the Company has repurchased a total of 1,258,250 shares for $22.4 million, or an average price of $17.78, including commissions.

Note 9. Subsequent Events

On July 29, 2014, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share, payable on September 26, 2014 to shareholders of record as of September 12, 2014. The Board intends to consider the payment of a regular cash dividend each calendar quarter.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with the accompanying unaudited condensed consolidated financial statements and the related notes included in Item 1 of Part I of this Quarterly Report on Form 10-Q, together with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2013.

We begin our discussion with an overview of our Company to give you an understanding of our business and the markets we serve. We then discuss our critical accounting policies. This is followed with a discussion of our results of operations for the three and six months ended June 30, 2014 and 2013. This discussion includes an analysis of certain significant period-to-period variances in our consolidated statements of operations. Our cash flows and financial condition are discussed under the caption “Liquidity and Capital Resources.”

17

Business Overview

AMERISAFE is a holding company that markets and underwrites workers’ compensation insurance through its insurance subsidiaries. Workers’ compensation insurance covers statutorily prescribed benefits that employers are obligated to provide to their employees who are injured in the course and scope of their employment. Our business strategy is focused on providing this coverage to small to mid-sized employers engaged in hazardous industries, principally construction, trucking, manufacturing, oil and gas and agriculture. Employers engaged in hazardous industries pay substantially higher than average rates for workers’ compensation insurance compared to employers in other industries, as measured per payroll dollar. The higher premium rates are due to the nature of the work performed and the inherent workplace danger of our target employers. Hazardous industry employers also tend to have less frequent but more severe claims as compared to employers in other industries due to the nature of their businesses. We provide proactive safety reviews of employers’ workplaces. These safety reviews are a vital component of our underwriting process and also promote safer workplaces. We utilize intensive claims management practices that we believe permit us to reduce the overall cost of our claims. In addition, our audit services ensure that our policyholders pay the appropriate premiums required under the terms of their policies and enable us to monitor payroll patterns that cause underwriting, safety or fraud concerns. We believe that the higher premiums typically paid by our policyholders, together with our disciplined underwriting and safety, claims and audit services, provide us with the opportunity to earn attractive returns for our shareholders.

We actively market our insurance in 30 states and the District of Columbia through independent agencies, as well as through our wholly owned insurance agency subsidiary. We are also licensed in an additional 17 states and the U.S. Virgin Islands.

Critical Accounting Policies

Understanding our accounting policies is key to understanding our financial statements. Management considers some of these policies to be very important to the presentation of our financial results because they require us to make significant estimates and assumptions. These estimates and assumptions affect the reported amounts of our assets, liabilities, revenues and expenses and related disclosures. Some of the estimates result from judgments that can be subjective and complex and, consequently, actual results in future periods might differ from these estimates.

Management believes that the most critical accounting policies relate to the reporting of reserves for loss and loss adjustment expenses, including losses that have occurred but have not been reported prior to the reporting date, amounts recoverable from reinsurers, premiums receivable, assessments, deferred policy acquisition costs, deferred income taxes, the impairment of investment securities and share-based compensation. These critical accounting policies are more fully described in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2013.

18

Results of Operations

The following table summarizes our consolidated financial results for the three months and six months ended June 30, 2014 and 2013.

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(dollars in thousands, except per share data)
	(unaudited)
Gross premiums written	$	103,820		$	95,815		$	209,523		$	194,938
Net premiums earned		93,516			81,983			182,749			161,692
Net investment income		6,845			6,649			13,553			13,319
Total revenues		100,624			87,511			196,797			174,023
Total expenses		83,563			76,864			166,332			152,296
Net income		12,773			7,644			23,322			16,495
Diluted earnings per common share	$	0.68		$	0.41		$	1.23		$	0.88
Other Key Measures
Net combined ratio (1)		89.4	%		93.8	%		91.0	%		94.2	%
Return on average equity (2)		11.9	%		7.8	%		10.9	%		8.5	%
Book value per share (3)	$	23.26		$	21.29		$	23.26		$	21.29

(1) The net combined ratio is calculated by dividing the sum of loss and loss adjustment expenses incurred, underwriting and certain other operating costs, commissions, salaries and benefits, and policyholder dividends by net premiums earned in the current period.

(2) Return on average equity is calculated by dividing the annualized net income by the average shareholders’ equity for the applicable period.

(3) Book value per share is calculated by dividing shareholders’ equity by total outstanding shares, as of the end of the period.

Consolidated Results of Operations for Three Months Ended June 30, 2014 Compared to June 30, 2013

Gross Premiums Written. Gross premiums written for the quarter ended June 30, 2014 were $103.8 million, compared to $95.8 million for the same period in 2013, an increase of 8.4%. The increase was attributable to a $7.2 million increase in annual premiums on voluntary policies written during the period and a $0.6 million increase in premiums resulting from payroll audits and related premium adjustments for policies written in previous quarters. The effective loss cost multiplier, or LCM, for our voluntary business was 1.86 for the second quarter ended June 30, 2014 compared to 1.76 for the same period in 2013.

Net Premiums Written. Net premiums written for the quarter ended June 30, 2014 were $100.3 million, compared to $91.2 million for the same period in 2013, an increase of 10.0%. The increase was primarily attributable to the increase in gross premiums written. As a percentage of gross premiums earned, ceded premiums were 3.6% for the second quarter of 2014 compared to 5.3% for the second quarter of 2013. The decrease in ceded premiums as a percentage of gross premiums earned is a result of a change in our 2014 reinsurance program. For additional information, see Item 1, “Business—Reinsurance” in our Annual Report on Form 10-K for the year ended December 31, 2013.

Net Premiums Earned. Net premiums earned for the second quarter of 2014 were $93.5 million, compared to $82.0 million for the same period in 2013, an increase of 14.1%. The increase was attributable to the increase in net premiums written in the quarter and a decrease in the change in unearned premiums.

Net Investment Income. Net investment income for the quarter ended June 30, 2014 was $6.8 million, compared to $6.6 million for the same period in 2013. Average invested assets, including cash and cash equivalents, were $1.0 billion in the quarter ended June 30, 2014, compared to an average of $0.9 billion for the same period in 2013, an increase of 12.8%. The pre-tax investment yield on our investment portfolio was 2.6% and 2.9% per annum during the quarters ended June 30, 2014 and 2013, respectively. The tax-equivalent yield on our investment portfolio was 3.7% per annum for the quarter ended June 30, 2014, compared to 4.1% per annum for the same period in 2013. The tax-equivalent yield is calculated using the effective interest rate and a 35% marginal tax rate.

Net Realized Gains/(Losses) on Investments. Net realized gains on investments for the three months ended June 30, 2014 totaled $0.2 million compared to net realized losses of $1.3 million for the same period in 2013. Net realized gains in the second quarter of 2014 were attributable to realized gains from the redemption of corporate bonds. Net realized losses in the second quarter of 2013 were attributable to $1.9 million in other-than-temporary impairments of certain equity securities offset by $0.6 million in realized gains from the sale of equity securities and fixed maturity securities from the available-for-sale portfolio.

19

Loss and Loss Adjustment Expenses Incurred. Loss and loss adjustment expenses (“LAE”) incurred totaled $62.5 million for the three months ended June 30, 2014, compared to $56.8 million for the same period in 2013, an increase of $5.7 million, or 9.9%. The current accident year losses and LAE incurred were $66.9 million, or 71.5% of net premiums earned, compared to $60.0 million, or 73.2% of net premiums earned, for the same period in 2013. We recorded favorable prior accident year development of $4.4 million in the second quarter of 2014, compared to favorable prior accident year development of $3.2 million in the same period of 2013, as further discussed below in “Prior Year Development.” Our net loss ratio was 66.8% in the second quarter of 2014, compared to 69.3% for the same period of 2013.

Underwriting and Certain Other Operating Costs, Commissions and Salaries and Benefits. Underwriting and certain other operating costs, commissions and salaries and benefits for the quarter ended June 30, 2014 were $21.0 million, compared to $19.7 million for the same period in 2013, an increase of 6.9%. This increase was primarily due to a $0.8 million increase in commission expense, a $0.8 million decrease in experience-rated commission resulting from high severity losses, a $0.5 million increase in insurance related assessments and a $0.4 million decrease in ceding commission related to our 2014 reinsurance program. Offsetting these increases were a $0.6 million decrease in premium taxes and a $0.5 million decrease in compensation expense. Our expense ratio was 22.5% in the second quarter of 2014 compared to 24.0% in the second quarter of 2013.

Income Tax Expense. Income tax expense for the three months ended June 30, 2014 was $4.3 million, compared to $3.0 million for the same period in 2013. The increase was attributable to an increase in the pre-tax income to $17.1 million in the quarter ended June 30, 2014 from $10.6 million in the same period in 2013. The effective tax rate decreased to 25.1% in the quarter ended June 30, 2014 from 28.2% in the same period in 2013.

Consolidated Results of Operations for Six Months Ended June 30, 2014 Compared to June 30, 2013

Gross Premiums Written. Gross premiums written for the first half of 2014 were $209.5 million, compared to $194.9 million for the same period in 2013, an increase of 7.5%. The increase was attributable to a $15.7 million increase in annual premiums on voluntary policies written during the period and a $0.7 million increase in assumed premium from mandatory pooling arrangements. These increases were partially offset by a $2.0 million decrease in premiums resulting from payroll audits and related premium adjustments for policies written in previous quarters.

Net Premiums Written. Net premiums written for the six months ended June 30, 2014 were $202.7 million, compared to $185.9 million for the same period in 2013, an increase of 9.0%. The increase was primarily attributable to the increase in gross premiums written. As a percentage of gross premiums earned, ceded premiums were 3.6% and 5.3% for the first half of 2014 and 2013, respectively. The decrease in ceded premiums as a percentage of gross premiums earned is a result of a change in our 2014 reinsurance program. For additional information, see Item 1, “Business—Reinsurance” in our Annual Report on Form 10-K for the year ended December 31, 2013.

Net Premiums Earned. Net premiums earned for the first half of 2014 were $182.7 million, compared to $161.7 million for the same period in 2013, an increase of 13.0%. The increase was attributable to the increase in net premiums written and a decrease in the change in unearned premiums.

Net Investment Income. Net investment income for the first six months of 2014 was $13.6 million, compared to $13.3 million for the same period in 2013. Average invested assets, including cash and cash equivalents, were $1.0 billion in the six months ended June 30, 2014, compared to $0.9 billion for the same period in 2013, an increase of 12.5%. The pre-tax investment yield on our investment portfolio was 2.6% per annum during the six months ended June 30, 2014, compared to 2.9% per annum during the same period in 2013. The tax-equivalent yield on our investment portfolio was 3.7% per annum for the first half of 2014 compared to 4.1% for the same period in 2013. The tax-equivalent yield is calculated using the effective interest rate and a 35% marginal tax rate.

Net Realized Gains/(Losses) on Investments. Net realized gains on investments for the six months ended June 30, 2014 totaled $0.3 million, compared to net realized losses of $1.3 million for the same period in 2013. Net realized gains in the first half of 2014 were attributable to realized gains from the redemption of corporate bonds. Net realized losses in the first half of 2013 were attributable to $1.9 million in other-than-temporary impairments of certain equity securities offset by $0.6 million in realized gains from the sale of equity securities and fixed maturity securities from the available-for-sale portfolio.

Loss and Loss Adjustment Expenses Incurred. Loss and LAE incurred totaled $123.7 million for the six months ended June 30, 2014, compared to $112.8 million for the same period in 2013, an increase of $10.9 million, or 9.7%. The current accident year losses and LAE incurred were $130.7 million, or 71.5% of net premiums earned, compared to $118.4 million, or 73.2% of net premiums earned, for the same period in 2013. We recorded favorable prior accident year development of $6.9 million in the first half of 2014, compared to favorable prior accident year development of $5.6 million in the same period of 2013, as further discussed below in “Prior Year Development.” Our net loss ratio was 67.7% in the first half of 2014, compared to 69.8% for the same period of 2013.

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Underwriting and Certain Other Operating Costs, Commissions and Salaries and Benefits. Underwriting and certain other operating costs, commissions and salaries and benefits for the six months ended June 30, 2014 were $42.4 million, compared to $38.5 million for the same period in 2013, an increase of 10.0%. This increase was primarily due to a $1.8 million decrease in experience-rated commission, a $1.3 million increase in commission expense, a $0.8 million decrease in ceding commission related to our 2014 reinsurance program, a $0.6 million increase in compensation expense and a $0.2 million increase in insurance related assessments. Offsetting these increases was a $1.1 million decrease in premium taxes. Our expense ratio was 23.2% in the first half of 2014 compared to 23.8% in the same period of 2013.

Income Tax Expense. Income tax expense for the six months ended June 30, 2014 was $7.1 million, compared to $5.2 million for the same period in 2013. The increase was attributable to an increase in pre-tax income to $30.5 million in the first half of 2014 from $21.7 million in the first half of 2013. The effective tax rate decreased to 23.4% for the six months ended June 30, 2014 from 24.1% for the six months ended June 30, 2013.

Liquidity and Capital Resources

Our principal sources of operating funds are premiums, investment income and proceeds from sales and maturities of investments. Our primary uses of operating funds include payments of claims and operating expenses. Currently, we pay claims using cash flow from operations and invest the remaining funds.

Net cash provided by operating activities was $70.6 million for the six months ended June 30, 2014, which represented a $11.2 million increase from $59.4 million in net cash provided by operating activities for the six months ended June 30, 2013. This increase in operating cash flow was attributable to a $22.4 million increase in premium collections, a $1.9 million increase in investment income and a $0.4 million increase in paid losses payable. Offsetting these increases were a $5.8 million decrease in payable for securities sold, a $4.4 million increase in underwriting expenses paid, a $1.3 million increase in federal income taxes paid, a $0.6 million decrease in reinsurance recoveries and a $0.5 million increase in losses paid.

Net cash used in investing activities was $83.5 million for the six months ended June 30, 2014, compared to net cash used in investment activities of $67.8 million for the same period in 2013. Cash provided by sales and maturities of investments totaled $145.8 million for the six months ended June 30, 2014, compared to $131.6 million for the same period in 2013. A total of $228.6 million in cash was used to purchase investments in the six months ended June 30, 2014, compared to $198.7 million in purchases for the same period in 2013.

Net cash used in financing activities in the six months ended June 30, 2014 was $11.4 million compared to net cash used in financing activities of $0.9 million for the same period in 2013. In the six months ended June 30, 2014, $13.8 million of cash was used for dividends paid to shareholders compared to $2.9 million in the same period of 2013. Offsetting this increases were proceeds of $1.1 million from stock option exercises in the six months ended June 30, 2014 and 2013. During the six months ended June 30, 2014, the tax benefit from share based compensation was $1.2 million compared to $0.9 million for the same period in 2013.

The Board of Directors initially authorized the Company’s share repurchase program in February 2010. In October 2011, 2012 and 2013, the Board reauthorized this program. As of June 30, 2014, we had repurchased a total of 1,258,250 shares of our outstanding common stock for $22.4 million. The Company has $25.0 million available for future purchases at June 30, 2014 under this program. There were no shares purchased during the six months ended June 30, 2014 and 2013. We intend to purchase shares of our common stock from time to time depending upon market conditions and subject to applicable regulatory considerations. It is anticipated that future purchases will be funded from available capital.

On February 25, 2014, the Company declared an extraordinary cash dividend of $0.50 per share, or $9.3 million in the aggregate, which was paid on March 28, 2014 to shareholders of record on March 14, 2014. There were no extraordinary cash dividends declared in 2013.

Also on February 25, 2014, the Company declared a regular quarterly cash dividend of $0.12 per share, or $2.2 million, payable on March 28, 2014 to shareholders of record on March 14, 2014. In 2013, the Company paid a quarterly cash dividend of $0.08 per share.

On April 29, 2014, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share, or $2.2 million, payable on June 26, 2014 to shareholders of record as of June 12, 2014.

On July 29, 2014, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share, payable on September 26, 2014 to shareholders of record as of September 12, 2014. The Board intends to consider the payment of a regular cash dividend each calendar quarter.

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Investment Portfolio

As of June 30, 2014, our investment portfolio, including cash and cash equivalents, totaled $1.1 billion, an increase of 12.7% from $0.9 billion on June 30, 2013. Effective April 1, 2010, purchases of fixed maturity securities are classified as available-for-sale or held-to-maturity based on the individual security. Such classification is made at the time of purchase. The reported value of our fixed maturity securities classified as held-to-maturity, as defined by FASB ASC Topic 320, “Investments-Debt and Equity Securities,” was equal to their amortized cost, and thus was not impacted by changing interest rates. Our equity securities and fixed maturity securities classified as available-for-sale were reported at fair value.

The composition of our investment portfolio, including cash and cash equivalents, as of June 30, 2014, is shown in the following table:

	Carrying Value		Percentage of Portfolio
	(in thousands)
Fixed maturity securities—held-to-maturity:
States and political subdivisions	$	392,381		36.9	%
U.S. agency-based mortgage-backed securities		19,170		1.8	%
Commercial mortgage-backed securities		49,327		4.6	%
U.S. Treasury securities and obligations of U.S. government agencies		12,259		1.2	%
Corporate bonds		102,925		9.7	%
Asset-backed securities		3,083		0.3	%
Total fixed maturity securities—held-to-maturity		579,145		54.5	%
Fixed maturity securities—available-for-sale:
States and political subdivisions		155,092		14.6	%
U.S. agency-based mortgage-backed securities		7,758		0.7	%
Corporate bonds		121,763		11.4	%
Total fixed maturity securities—available-for-sale		284,613		26.7	%
Equity securities		3,980		0.4	%
Short-term investments		85,806		8.1	%
Cash and cash equivalents		98,818		9.3	%
Other investments		11,092		1.0	%
Total investments, including cash and cash equivalents	$	1,063,454		100.0	%

Our securities classified as available-for-sale are “marked to market” as of the end of each calendar quarter. As of that date, unrealized gains and losses are recorded to Accumulated Other Comprehensive Income, except when such securities are deemed to be other-than-temporarily impaired. For our securities classified as held-to-maturity, unrealized gains and losses are not recorded in the financial statements until realized or until a decline in fair value, below amortized cost, is deemed to be other-than-temporary.

During the three and six months ended June 30, 2014, there were no impairment losses recognized for other-than-temporary declines in the fair value of our investments.

In June 2013, the Company recorded charges for certain equity securities whose fair values were determined to be other-than-temporarily impaired. These charges are included in “Net realized gains/(losses) on investments”, and totaled $1.9 million for the three and six months ended June 30, 2013.

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Prior Year Development

The Company recorded favorable prior accident year development of $4.4 million in the three months ended June 30, 2014. The table below sets forth the favorable or unfavorable development for the three and six months ended June 30, 2014 and 2013 for accident years 2009 through 2013 and, collectively, for all accident years prior to 2009.

	Favorable/(Unfavorable) Development
	Three Months Ended June 30, 2014		Three Months Ended June 30, 2013		Six Months Ended June 30, 2014		Six Months Ended June 30, 2013
	(in millions)
Accident Year
2013	$	—	$	—	$	—	$	—
2012		0.5		0.3		0.5		0.4
2011		—		0.3		—		0.3
2010		1.5		0.1		1.8		0.3
2009		1.0		—		2.0		1.0
Prior to 2009		1.4		2.5		2.6		3.6
Total net development	$	4.4	$	3.2	$	6.9	$	5.6

The table below sets forth the number of open claims as of June 30, 2014 and 2013, and the number of claims reported and closed during the three and six months then ended.

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Open claims at beginning of period		5,334			5,079			5,297			4,964
Claims reported		1,399			1,378			2,719			2,638
Claims closed		(1,391	)		(1,212	)		(2,674	)		(2,357	)
Open claims at end of period		5,342			5,245			5,342			5,245

The number of open claims at June 30, 2014 increased by 97 claims as compared to the number of open claims at June 30, 2013. Efforts continue to close prior year claims, especially in those circumstances where the claim could be settled for less than the corresponding case reserve amount (which amount represents the estimated ultimate cost to settle the claim, undiscounted). Management believes that these efforts have contributed, in part, to the favorable prior accident year development recorded for the six months ended June 30, 2014.

Our reserves for loss and loss adjustment expenses are inherently uncertain and our focus on providing workers’ compensation insurance to employers engaged in hazardous industries results in our receiving relatively fewer but more severe claims than many other workers’ compensation insurance companies. As a result of this focus on higher severity, lower frequency business, our reserve for loss and loss adjustment expenses may have greater volatility than other workers’ compensation insurance companies. For additional information, see Item 1, “Business—Loss Reserves” in our Annual Report on Form 10-K for the year ended December 31, 2013.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market risk is the risk of potential economic loss principally arising from adverse changes in the fair value of financial instruments. The major components of market risk affecting us are credit risk, interest rate risk and equity price risk. We currently have no exposure to foreign currency risk.

Since December 31, 2013, there have been no material changes in the quantitative or qualitative aspect of our market risk profile. For additional information regarding the Company’s exposure to certain market risks, see Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2013.

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Item 4. Controls and Procedures.

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of the end of the period covered by this report to provide reasonable assurance that information we are required to disclose in reports that are filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms. We note that the design of any system of controls is based in part upon assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving the stated goals under all potential future conditions.

Because of its inherent limitations, management does not expect that our disclosure control and our internal control over financial reporting will prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with policies and procedures may deteriorate. Any control system, no matter how well designed and operated, is based upon certain assumptions and can only provide reasonable, not absolute assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to errors or fraud will not occur or that all control issues and instances of fraud, if any within the Company, have been detected.

There have not been any changes in our internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II—OTHER INFORMATION

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

The Board of Directors initially authorized the Company’s share repurchase program in February 2010. In October 2011, 2012 and 2013, the Board reauthorized this program. As of December 31, 2013, we had repurchased a total of 1,258,250 shares of our outstanding common stock for $22.4 million. There were no shares purchased during the six months ended June 30, 2014 and 2013. We intend to purchase shares of our common stock from time to time depending upon market conditions and subject to applicable regulatory considerations. It is anticipated that future purchases will be funded from available capital. The dollar value of shares that may yet be purchased under the program is $25.0 million.

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Item 6. Exhibits.

Exhibit No.	Description
10.1	Consulting Agreement dated June 5, 2014, between AMERISAFE, Inc. and Craig P. Leach
31.1	Certification of C. Allen Bradley, Jr. filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Michael Grasher filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of C. Allen Bradley, Jr. and Michael Grasher filed pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	AMERISAFE, INC.
August 1, 2014	/s/ C. ALLEN BRADLEY, JR.
	C. Allen Bradley, Jr.
	Chairman and Chief Executive Officer
	(Principal Executive Officer)
August 1, 2014	/s/ Michael Grasher
	Michael Grasher
	Executive Vice President and Chief Financial Officer
	(Principal Financial and Accounting Officer)

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EXHIBIT INDEX

Exhibit No.	Description
10.1	Consulting Agreement dated June 5, 2014, between AMERISAFE, Inc. and Craig P. Leach
31.1	Certification of C. Allen Bradley, Jr. filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Michael Grasher filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of C. Allen Bradley, Jr. and Michael Grasher filed pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

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EX-10.1

Exhibit 10.1

CONSULTING AGREEMENT

This Consulting Agreement (referred to as “Agreement”) is being entered into between Amerisafe, Inc. (“Company”) and Craig P. Leach (“Consultant”) with an effective date of January 1, 2015.

In accordance with the following terms and conditions, Company and Consultant agree as follows:

1. Introduction: Company is an insurance company that underwrites and issues workers’ compensation and employer’s liability insurance policies. Company is authorized to do business and does business in multiple states throughout the United States of America. Company, through one or more of its subsidiaries or affiliates, underwrites insurance risks, conducts auditing, manages risks, handles and administers claims, and sells various insurance products. Consultant is familiar with the scope of Company’s business and the operations in which it engages. Company desires to engage Consultant to provide general consulting services in connection with Company’s business operations. Consultant desires to engage his services with Company to provide, on an as needed consulting basis, his expertise in the insurance industry and based on his extensive experience in the insurance industry.

2. Services: Consultant will provide insurance and business consulting services to the Company and for the benefit of the Company. Company will determine, from time to time, the specific consulting, advice or other business services needed from Consultant. This may include, but is in no way limited too, reviewing data, documentation and information, engaging in meetings, preparation of information and documentation, engaging in phone, video or other conferencing and providing other consultation and advice as requested and needed by Company. Consultant agrees that he will diligently, professionally and responsibly perform his services in a competent and skillful manner. Consultant shall not be required to work any designated number of hours, he is not required to regularly report to the Company’s office and he is not required to regularly report on his business activities. Consultant shall make himself reasonably available to Company in order to render services. Consultant will also provide his best good faith efforts in performing services and in promoting the business interests for and on behalf of Company. Although Consultant must perform services in accordance with applicable insurance licensure requirements and insurance regulations, Consultant may use means, methods and techniques established and implemented by Consultant in rendering services.

3. Term: This Agreement shall be for a term of five (5) years commencing on January 1, 2015 and expiring on December 31, 2019 (the “Term”). This Agreement will not automatically renew. This Agreement will only be renewed or extended by written amendment or by a written contract entered into and signed by the parties.

Company has the right, at any time during the Term, to terminate this Agreement and to disengage Consultant’s services in the event of any breach of this Agreement by Consultant. In the event of the Company’s termination of this Agreement or disengage of Consultant services in the event of a breach of this Agreement by the Consultant, Company will have no further payment obligations to Consultant and Company will not be obligated to make any consulting

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fee payments including, but not limited to, any unpaid installments in the year in which termination or breach occurs and for any future years under the designated Term. In the event of breach of this Agreement by Consultant, he expressly waives, releases and discharges Company from any unpaid installments and from any payments for the unexpired Term.

Consultant has the right to terminate this Agreement and to disengage his services for any reason upon giving of thirty (30) days advance notice. In the event of Consultant’s termination of this Agreement or his disengagement of his services upon giving of notice, Company will have no further payment obligations to Consultant and Company will not be obligated to make any consulting fee payments including, but in no way limited to, any unpaid installments in the year in which Consultant terminates this Agreement or disengages his services and for any future years under the designated Term. In the event of Consultant’s termination of this Agreement or his disengagement of his services, Consultant expressly waives, releases and discharges Company from any unpaid installments and from any payments for the unexpired Term.

4. Fees and Payment: In exchange for Consultant’s services, Consultant will be paid consulting fees as follows:

Year 2015 Consulting Fee—$110,000.00

Year 2016 Consulting Fee—$110,000.00

Year 2017 Consulting Fee—$109,000.00

Year 2018 Consulting Fee—$105,000.00

Year 2019 Consulting Fee—$105,000.00

Each of the designated consulting fee amounts represent the total gross amount that will be paid for each designated calendar year. No additional fees or amounts will be due and payable and each amount represents the entirety of the consulting fees paid for each designated year for any and all services rendered by Consultant to Company.

The consulting fee for each year will be paid in equal quarterly installments due and payable on or by the last day of each quarter as follows: March 31; June 30; September 30; December 31.

5. Business Expenses: Unless otherwise provided herein, Consultant shall be solely responsible for any business expenses incurred in the course of his provision of services. Company is under no obligation to reimburse Consultant for any expenses he incurs. Expenses for which Consultant is solely responsible include, but are in no way limited to the following: travel, meals, entertainment, lodging, supplies, equipment and mileage. Additionally, Consultant shall be solely responsible for the cost associated with any applicable continuing education, conferences, seminars, trade associations and professional associations.

6. Licensure: Consultant agrees that he will maintain in full force and effect a current and valid license or licenses issued by any applicable governing authorities to engage in the business of insurance and as may be applicable to Consultant and the services he performs. This includes, but is in no way limited to, licenses issued by the Department of Insurance or the Commissioner of Insurance for any applicable state. Consultant shall immediately notify Company in the event

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that any license is revoked, cancelled, suspended or not renewed. Consultant shall comply with any and all licensure requirements and Consultant shall comply with any and all applicable laws, statutes or regulations related to or in any way governing insurance agents, the sale and service of insurance products or any other related activities. For any licensure required by the Company that is for the sole benefit of the Company, the Company agrees to pay the applicable fees or costs directly or on Consultant’s behalf or alternatively, if Consultant pays the fees or costs, the Company will reimburse Consultant. The Company agrees to defend, indemnify and hold harmless Consultant from any third party claim, suit, demand or action for damages arising out of aforementioned licensure arrangement. Any other licensure costs shall be at Consultant’s sole expense.

7. Office Equipment: Consultant shall be solely responsible for maintaining his own offices from which he works. Consultant shall be solely responsible for any and all business supplies and equipment necessary for him to render service pursuant to this Agreement. Company will provide Consultant with reasonable access to its office facilities. Although Company is not responsible for employing the personnel for Consultant, Company will allow Consultant reasonable use of Company’s staff resources which are necessary for and directly related to requested consulting services rendered to Company.

8. Insurance and Indemnity: Consultant shall be responsible, as his sole cost and expense, of maintaining any and all applicable insurance as determined by him and as related to his consulting services. Company is not obligated to provide coverage to Consultant for any insurance; however, Company has the right, in its sole discretion, to effectuate applicable insurance coverage as related to the services rendered by Consultant.

Consultant agrees to defend, indemnify and hold Company harmless from any and all claims, causes of action, relief, damages and amounts which are in any way related to, arise out of or are in any way associated with Consultant’s rendering of services pursuant to this Agreement. This defense, indemnity and hold harmless applies regardless of the fault or comparative fault of the Company. This defense, indemnity and hold harmless includes any and all damages and relief whatsoever, as well as any and all amounts in connection with any claim, cause of action, demand or lawsuit and including, but in no way limited to, economic damages, personal injuries, physical injuries, loss of profits, business interruption, loss of benefits, wrongful death, emotional damages, pain and suffering, compensatory damages, general damages, special damages, incidental damages, consequential damages, nonpecuniary damages, penalties, fines, punitive damages, liquidated damages, treble damages, attorney’s fees, administrative costs, court costs, expenses, injunctive relief, equitable relief and any and all other amounts, damages or relief whatsoever. This defense, indemnity and hold harmless also includes, but is in no way limited to, any and all claims by Consultant, as well as any and all claims by third parties, insureds and others. In the event that the Company is required to incur any fees, costs and expenses in connection with any lawsuit, claim, administrative proceeding or demand, Consultant shall be solely responsible for the payment of same or the reimbursement of same.

9. Relationship: Consultant agrees and understands that this is an independent contractor relationship and that he is not an employee of Company. Consultant is responsible for payment

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of any and all applicable taxes on fees and amounts paid to him pursuant to this Agreement and he represents and warrants that he will comply with any and all applicable tax obligations. Consultant agrees and represents that he is providing independent business services to Company based on his own experience, training and business pursuits. Consultant has the right to perform other services for third parties which are not inconsistent with this Agreement and which do not otherwise violate the terms of this Agreement. Company has the right to contract with other independent contractors to provide services. Consultant shall not be entitled to nor be eligible to receive any benefits provided by Company to its employees and including, but not limited to, health benefits, pension, retirement or profit sharing benefits, deferred compensation, stock option plans, bonuses, long term incentive payments, insurance benefits, vacation and leave benefits or any other employee benefits or insurance and including unemployment compensation benefits or insurance.

10. Confidentiality:

10.01 Confidential Information. As used in this Agreement, the term “Confidential Information” shall mean all business information and trade secrets of any nature and in any form which at the time or times concerned is not generally known to those persons engaged in the Company’s business (other than by the act or acts of any employee or subcontractor not authorized by the Company to disclose such information) and which relates to any of the aspects of the past, present, or future business of the Company. The term “Confidential Information” includes, without limitation: financial information, trade secrets, business information and plans, inside information, computer software, technical information, training materials, presentations, manuals, research and development, product information, processes, customer lists, customer data, pricing information, sales information, marketing information, underwriting information audit information, claims information, risk management information, insurance policies and forms, bid information, job or project information, contracts, e-mails, electronically stored information, contacts (including Microsoft Contacts), paper files, electronic documents (including Microsoft Word, Excel and PDF documents), purchasing information, data processing, processes, formulas, designs, means, compilations, techniques, intellectual property, inventions and improvements, operational methods, protocols, business plans and strategies, market information, insurance information, supplier information, personnel matters and records, and matters that are sensitive, business, proprietary and confidential in nature. Confidential Information also includes the records, files and information generated or maintained by the Company or which are in any way related to any customer, client or account including, but in no way limited to, applications, quotations, bids, renewal and expiration dates, customer contact information, customer financial information, customer payroll information and other customer data and information. Confidential Information also includes, but is not limited to, any other proprietary, confidential, and/or business information or documentation and/or trade secrets of the Company; and any and all items, tangible and intangible, protected and/or set forth in the Louisiana Trade Practices Act, La. R.S. 51:1431 et seq.

10.02 Prohibitions. With respect to Confidential Information of the Company learned by Consultant, generated by Consultant, obtained by Consultant, received by Consultant, accessed by Consultant, and/or conceived or developed by Consultant in connection with Consultant’s services with the Company, whether before or after the Effective Date of this

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Agreement, Consultant agrees that, commencing on the Effective Date of this Agreement, and for so long hereafter as any Confidential Information shall remain, wholly or partially, confidential or otherwise protectable:

(a) Consultant shall not use or disclose any such Confidential Information, directly or indirectly, to any person not employed with the Company;

(b) Consultant shall not use any such Confidential Information for the benefit of himself or any other person or entity in any way that may be competitive with, or could be detrimental to, Company; and

(c) Consultant shall exert efforts to maintain the confidentiality and non-disclosure of any such Confidential Information.

(d) Consultant shall return to the Company Confidential Information at any time requested by the Company and upon Consultant’s separation of employment with the Company.

(e) Consultant shall not transmit, image or download Confidential Information to any storage device, non-company computer, any external device or any storage media or medium.

11. Noncompetition and Nonsolicitation.

11.01 Consultant agrees that during the Term and for a two (2) year period following the Term or the termination of this Agreement or the disengagement of Consultant’s services (the “Restrictive Period”), without the prior written consent of the Company, Consultant shall not, in the Designated Area:

a. Carry on or engage in his own business (as a sole proprietor, corporation, partnership, limited liability company, limited partnership or any other business entity or association) in competition with or similar to the business of the Company.

b. Carry on or engage in a competing business or work similar to or in competition with the business of the Company as an employee, consultant, board member, officer, manager, contractor, subcontractor, consultant, independent contractor, or agent of any other person or entity or in any other capacity with or for any other person or entity.

c. Provide services to any competitor of Company or its subsidiaries or affiliates as an employee, consultant, agent, contractor, subcontractor, independent contractor, officer, member, director, shareholder, manager, partner or in any other capacity.

d. Directly and indirectly solicit the customers and clients of the Company.

e. Accept any business from or service in accounts for any customer or client of the Company.

f. Provide any insurance quotes, sell any insurance products or policies, provide insurance consulting or write any insurance to any customer or client of the Company.

g. Acquire or have an interest in, or an option or other right to acquire an interest in, an entity or business which is carrying on or engaging in a competing business with the Company or in a business similar to the Company. The term “an interest” shall include, without limitation, an interest or right as a partner, shareholder, officer, director, member, general manager, principal, limited partner, owner, lender, investor, or trustee.

Page 5 of 9

h. Accept or conduct any business or transactions with any customer of the Company and receive any compensation, remuneration or consideration arising out of, related to or in any way associated with any business arrangement or relationship with any customer of the Company and any other person or entity.

11.02 Definition of Designated Area. The term “Designated Area” shall mean all parishes in the State of Louisiana and all counties in each of the other states in which the Company is actively marketing as disclosed from time to time in the Company’s Form 10-K and which is incorporated herein by reference and made a part hereof. Consultant acknowledges that the parishes and counties in the referred states where Company does business are readily identifiable and are known by him. Consultant further agrees that the Designated Area and the restrictions contained herein are reasonable in scope and he stipulates and agrees to the enforceability of the restrictions set forth herein and in the Designated Area.

11.03 Nonsolicitation of Employees. Consultant shall not, during the Restrictive Period, directly or indirectly solicit or induce, or attempt to solicit or induce, any employee, agent or consultant of the Company to leave his/her employment or terminate his/her arrangement or relationship with the Company.

11.04 Application. For purposes of this Agreement, the phrases “carry on or engage in,” “a competing business or work similar to or in competition with” and “the business of the Company” shall have the broadest possible meaning and shall include direct and indirect competition and shall include all aspects of the business activities and operations of the Company. For purposes of this Agreement, the term “solicit” includes, but is not necessarily limited to, any and all direct and indirect solicitation of business (by Consultant or through others) and the engagement and communications (through any format or medium) which would in any way facilitate or attempt to generate business, services, work or other business activities with the customer and regardless of who initiates the communication or contact. For purposes of this Agreement, “customer” of the Company includes, but is not necessarily limited to, any customer or account of the Company existing at any time prior to Consultant’s separation of employment or who is doing business or about to do business with Company at any time up to and through the date of Consultant’s separation of employment. A “customer” of the Company also includes any person or entity from whom the Company was attempting to solicit business prior to and through the date of Consultant’s separation of employment. A “customer” also includes any person or entity with whom Consultant has transacted business prior to engaging his services with the Company and who, after Consultant’s engagement of services with the Company, thereafter conducts business with the Company. A “customer” also includes any person or entity with whom the Company transacts business at any time during Consultant’s engagement of services, regardless of who originates the customer or who is responsible for bringing the customer into the Company. These restrictive covenants shall be interpreted in a way so as to provide the broadest possible meaning and application under applicable law and to provide for the greatest possible rights in favor of the Company under applicable law.

Page 6 of 9

11.05 Competitive Business. The restrictions contained in this Section 11 are limited to business and insurance lines that are directly or indirectly competitive with the Company and, in particular, workers’ compensation insurance and employer’s liability insurance. Company and Consultant agree and acknowledge that Company is an insurance company that underwrites and issues workers’ compensation insurance and employer’s liability insurance policies and it is authorized to do business and does business in multiple states throughout the United States of America. Company, through one or more of its subsidiaries or affiliates, underwrites insurance risks, conducts auditing, manages risks, handles and administers claims and sells insurance products and policies as related to workers’ compensation and employer’s liability insurance.

12. Non-Disparagement: Consultant agrees that he will not communicate any disparaging statements about the Company, any of its affiliate companies and subsidiaries or any of the officers, directors, shareholders, employees and agents of the Company and its affiliates and subsidiaries. Additionally, Consultant will not make any misleading, false or inaccurate statements about the Company, affiliate and subsidiary companies and their officers, directors, shareholders, employees, and agents or engage in any communications which may harm the reputation of the Company and its affiliates and subsidiaries, as well as their officers, directors, shareholders, employees, and agents.

13. Remedies: In the event of breach, or threatened or attempted breach, of any provision of this Agreement by Consultant, the parties recognize and acknowledge that such a breach would cause irreparable harm to the Company or that the Company may not have an adequate remedy at law for same and that the restrictive covenants contained herein are “obligations not to do” and that the Company shall not be required to prove irreparable injury in order to obtain injunctive relief in the event of any breach or threatened breach of said restrictive covenants. Consultant further agrees and acknowledges that if there is any such breach or threatened breach of any one or more of the provisions of this Agreement, including the restrictive covenants set forth herein, the Company may, in addition to any other legal or equitable remedies which may be available to it (i) obtain a temporary restraining order, preliminary injunction or permanent injunction to enjoin or restrain Consultant from the breach or threatened breach of any such provision or provisions; (ii) require Consultant to account for and pay over to Company all compensation, profits, monies, accruals, increments, remuneration and other benefits derived or received by Consultant as a result of any transactions or actions constituting a breach of any provision of this Agreement; and (iii) require Consultant to remit to and reimburse Company for all consulting fees received by him pursuant to this Agreement. In the event of a breach or threatened breach, Consultant waives, releases and discharges Company from any unpaid consulting fees and payments and from any further consulting fees and payments for the unexpired Term and Company shall have no further payment obligations to Consultant. The Company may obtain injunctive relief without the necessity of proving irreparable injury or harm and without having to post a bond or provide security. The Company shall also be entitled to recover any damages, attorney’s fees and costs incurred by it in any legal action or to obtain specific performance of this Agreement. All such remedies in favor of the Company shall be cumulative and shall not be exclusive. In the event that the Company takes any legal action to enforce this Agreement or to remedy any breach of this Agreement, the Company shall be entitled to recover and Consultant shall be liable for all attorney’s fees, costs and expenses incurred by the Company in any such action.

Page 7 of 9

14. Intellectual Property: Company may develop and maintain intellectual property rights in certain property, ideas, processes, techniques, formulas, written works, other protected items, information or property. In addition, Company may develop and maintain patents, trademarks and copyrights on certain items.

During the course of engagement of services with Company, any and all inventions, ideas, discoveries and improvements made or conceived by Consultant are the property of Company. By accepting engagement with Company and by continuing engagement of services with Company, Consultant conveys to Company an exclusive ownership interest in all such property, ideas, inventions, discoveries and improvements. In this regard, any and all such property rights are exclusively assigned, in full, to Company. Consultant agrees to execute any and all documentation requested of or required by Company in order to effectuate these provisions and/or as deemed necessary by Company.

Consultant is required to document and to disclose to Company any and all ideas, inventions, discoveries and improvements made and/or conceived during the course of engagement of services and/or while engaged by Company.

15. Return of Property. Upon the end of the Term or termination of this Agreement by either party or upon demand by Company, Consultant shall return to Company any and all products, company property, materials and/or documents to Company. Such return shall occur within seven (7) calendar days within the end of the Term, with the date of termination of this Agreement and/or within seven (7) calendar days of demand by Company. Such return shall be effectuated by the method and in the manner designated by Company and Company shall be responsible for the reasonable and actual costs associated with such return.

16. Governing Law and Interpretation. This Agreement shall be governed and construed in accordance with the laws of the State of Louisiana. The parties agree that this Agreement has been executed in Beauregard Parish, Louisiana and that work and/or services pursuant to this Agreement shall be performed, in whole or in part, in Beauregard Parish, Louisiana. Company and Consultant jointly participated in the negotiations and drafting of this Agreement. In the event any question of intent or interpretation arises, this Agreement shall be construed as if drafted by both parties.

17. Reformation and Severability. If any court of competent jurisdiction determines that any of the provisions of this Agreement, or any part of any provision, is unenforceable or is otherwise invalid, this Agreement shall be reformed and/or modified and/or severability shall apply in order to make this Agreement otherwise enforceable. With regard to the Designated Area, the parties expressly agree and stipulate that a court may reform and modify the Designated Area if the court determines that the Designated Area is overly broad or otherwise unenforceable so as to enforce the restrictions in each parish and county in each state in which Company is doing business or is actively marketing as set forth in the Company’s Form 10-K on file as of the date of commencement of legal action. In this regard, reformation and severability shall apply to this Agreement.

Page 8 of 9

18. Successors, Assigns and Affiliates: Binding Effect. This Agreement shall be binding upon Consultant’s heirs, successors, assigns, and legal representatives, and shall inure to the benefit of Company’s successors, assigns, parents, subsidiaries, affiliate entities, related entities, predecessors and legal representatives. The Company shall have the right to assign this Agreement. This Agreement and the obligations of Consultant shall also inure to the benefit of Company’s affiliate entities, including parent entities, subsidiaries, related entities, partners, joint ventures and any affiliated entity which shall be considered third party beneficiaries of this Agreement. This includes, but is in no way limited to the following named entities: AMERISAFE, Inc., American Interstate Insurance Company, Silver Oak Casualty, Inc., American Interstate Insurance Company of Texas, Amerisafe Risk Services, Inc., and Amerisafe General Agency, Inc. All successors, assigns and affiliates are deemed third party beneficiaries to the obligations of Consultant, including the confidentiality, intellectual property and the non-compete and non-solicitation restrictions contained herein.

19. Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties. This Agreement may not be assigned, in whole or in part, by Consultant. This Agreement supersedes any and all prior and/or contemporaneous agreements between the parties.

20. ACKNOWLEDGMENT. CONSULTANT AGREES THAT HE HAS CAREFULLY READ THIS ENTIRE AGREEMENT AND UNDERSTANDS THE NATURE AND EXTENT OF THE OBLIGATIONS HE IS ASSUMING IN THIS AGREEMENT. HE FURTHER ACKNOWLEDGES THAT HE IS ENTERING INTO THIS AGREEMENT VOLUNTARILY AND WITHOUT COOERCION AND IS DOING SO AFTER CONSULTATION WITH AND/OR AFTER HAVING HAD THE OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF HIS CHOICE.

Company:		Consultant:
AMERISAFE, INC.
BY:	/s/    C. Allen Bradley, Jr.		/s/    Craig P. Leach
	C. Allen Bradley, Jr.		Craig P. Leach
	Chief Executive Officer

Page 9 of 9

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, C. Allen Bradley, Jr., certify that:

1. I have reviewed this quarterly report on Form 10-Q of AMERISAFE, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2014	/s/ C. Allen Bradley, Jr.
	C. Allen Bradley, Jr.
	Chairman and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Michael Grasher, certify that:

1. I have reviewed this quarterly report on Form 10-Q of AMERISAFE, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 1, 2014	/s/ Michael Grasher
	Michael Grasher
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. § 1350,

AS ADOPTED PURSUANT TO § 906

OF THE SARBANES-OXLEY ACT OF 2002

In connection with the filing of the Quarterly Report on Form 10-Q of AMERISAFE, Inc., a Texas corporation (the “Company”), for the quarter ended June 30, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to such officer’s knowledge:

1. The report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

Date: August 1, 2014	/s/ C. Allen Bradley, Jr.
	C. Allen Bradley, Jr.
	Chairman and Chief Executive Officer
	(Principal Executive Officer)
	/s/ Michael Grasher
	Michael Grasher
	Executive Vice President and Chief Financial Officer
	(Principal Financial Officer)

The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

XML

Treasury Stock - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended			6 Months Ended
	Oct. 31, 2013	Oct. 31, 2012	Oct. 31, 2011	Jun. 30, 2014	Dec. 31, 2013
Equity [Abstract]
Share repurchase new limit amount	$ 25.0	$ 25.0	$ 25.0
Share repurchase program expiration date				Dec. 31, 2014
Shares repurchased				1,258,250	1,258,250
Shares repurchased, value				$ 22.4
Shares repurchased, average price				$ 17.78

XML

Comprehensive Income and Accumulated Other Comprehensive Income - Schedule of Changes in Accumulated Other Comprehensive Income (AOCI) (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Beginning balance	$ (1,055)	$ 2,434	$ (4,295)	$ 2,979
Other comprehensive income/(loss) before reclassification	3,143	(4,442)	6,120	(4,857)
Amounts reclassified from accumulated other comprehensive income	(127)	382	136	252
Net current period other comprehensive income/(loss)	3,016	(4,060)	6,256	(4,605)
Ending balance	$ 1,961	$ (1,626)	$ 1,961	$ (1,626)

XML

Investments - Gross Unrealized Gains and Losses and Amortized Cost and Fair Value of Investments Classified as Held-to-maturity (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Investment [Line Items]
Amortized Cost	$ 579,145	$ 536,583
Gross Unrealized Gains	28,611	25,934
Gross Unrealized Losses	(244)	(1,338)
Fair Value	607,512	561,179
States and political subdivisions [Member]
Investment [Line Items]
Amortized Cost	392,381	381,674
Gross Unrealized Gains	21,821	18,634
Gross Unrealized Losses	(66)	(1,153)
Fair Value	414,136	399,155
Corporate bonds [Member]
Investment [Line Items]
Amortized Cost	102,925	67,423
Gross Unrealized Gains	756	861
Gross Unrealized Losses	(57)	(41)
Fair Value	103,624	68,243
Commercial mortgage-backed securities [Member]
Investment [Line Items]
Amortized Cost	49,327	50,813
Gross Unrealized Gains	2,767	3,431
Fair Value	52,094	54,244
U.S. agency-based mortgage-backed securities [Member]
Investment [Line Items]
Amortized Cost	19,170	21,775
Gross Unrealized Gains	1,892	1,790
Fair Value	21,062	23,565
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Investment [Line Items]
Amortized Cost	12,259	11,514
Gross Unrealized Gains	1,132	1,002
Gross Unrealized Losses	(1)
Fair Value	13,390	12,516
Asset-backed securities [Member]
Investment [Line Items]
Amortized Cost	3,083	3,384
Gross Unrealized Gains	243	216
Gross Unrealized Losses	(120)	(144)
Fair Value	$ 3,206	$ 3,456

XML

Fair Value Measurements - Summary of Carrying Values and Corresponding Fair Values for Financial Instruments (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value Of Financial Instruments [Line Items]
Fixed maturity securities-held-to-maturity	$ 607,512	$ 561,179
Fixed maturity securities-held-to-maturity	579,145	536,583
Fixed maturity securities-available-for-sale	284,613	237,877
Equity securities	3,980	9,302
Carrying Amount [Member]
Fair Value Of Financial Instruments [Line Items]
Fixed maturity securities-held-to-maturity	579,145	536,583
Fixed maturity securities-available-for-sale	284,613	237,877
Equity securities	3,980	9,302
Cash and cash equivalents	98,818	123,077
Short-term investments	85,806	84,422
Other investments	11,092	10,591
Fair Value [Member]
Fair Value Of Financial Instruments [Line Items]
Fixed maturity securities-held-to-maturity	607,512	561,179
Fixed maturity securities-available-for-sale	284,613	237,877
Equity securities	3,980	9,302
Cash and cash equivalents	98,818	123,077
Short-term investments	85,806	84,422
Other investments	$ 11,092	$ 10,591

XML

Stock Options and Restricted Stock

6 Months Ended

Jun. 30, 2014

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Options and Restricted Stock

Note 2. Stock Options and Restricted Stock

The Company has three equity incentive plans: the AMERISAFE 2005 Equity Incentive Plan (the “2005 Incentive Plan”), the AMERISAFE 2010 Non-Employee Director Restricted Stock Plan (the “2010 Restricted Stock Plan”) and the AMERISAFE 2012 Equity and Incentive Compensation Plan (the “2012 Incentive Plan”). See Note 13 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 for additional information regarding the Company’s incentive plans.

In June 2014, the Company granted 4,866 shares of restricted common stock to non-employee directors in accordance with the 2010 Restricted Stock Plan. The market value of the restricted shares granted was $0.2 million.

During the six months ended June 30, 2014, options to purchase 123,167 shares of common stock were exercised. During the six months ended June 30, 2013, options to purchase 125,000 shares of common stock were exercised. In connection with these exercises, the Company received $1.1 million of stock option proceeds in the first six months each of 2014 and 2013.

The Company recognized share-based compensation expense of $0.4 million and $0.7 million in the six months ended June 30, 2014 and 2013, respectively.

XML

Investments - Investment Securities Continuous Unrealized Loss Position (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Investment [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	$ 36,992	$ 68,985
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss	122	1,188
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	3,222	2,227
Held-to-maturity Securities, Continuous Unrealized Loss Position Twelve Months Or Longer, Accumulated Loss	122	150
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	40,214	71,212
Gross Unrealized Losses	244	1,338
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	35,901	138,107
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	197	6,191
Fair Value of Investments with Unrealized Losses, 12 Months or Greater	20,717	7,525
Gross Unrealized Losses, 12 Months or Greater	3,856	2,844
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	56,618	145,632
Available-for Sale, Gross Unrealized Losses, Total	4,053	9,035
Corporate bonds [Member]
Investment [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	19,268	14,090
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss	57	41
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	19,268	14,090
Gross Unrealized Losses	57	41
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	20,127	29,691
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	30	361
Fair Value of Investments with Unrealized Losses, 12 Months or Greater	986
Gross Unrealized Losses, 12 Months or Greater	3
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	21,113	29,691
Available-for Sale, Gross Unrealized Losses, Total	33	361
States and political subdivisions [Member]
Investment [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	14,872	54,895
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss	64	1,147
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	1,423	311
Held-to-maturity Securities, Continuous Unrealized Loss Position Twelve Months Or Longer, Accumulated Loss	2	6
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	16,295	55,206
Gross Unrealized Losses	66	1,153
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	14,689	101,908
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	82	4,798
Fair Value of Investments with Unrealized Losses, 12 Months or Greater	12,700	1,753
Gross Unrealized Losses, 12 Months or Greater	1,677	342
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	27,389	103,661
Available-for Sale, Gross Unrealized Losses, Total	1,759	5,140
U.S. agency-based mortgage-backed securities [Member]
Investment [Line Items]
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	605	1,303
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	79	465
Fair Value of Investments with Unrealized Losses, 12 Months or Greater	7,031	5,772
Gross Unrealized Losses, 12 Months or Greater	2,176	2,502
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	7,636	7,075
Available-for Sale, Gross Unrealized Losses, Total	2,255	2,967
Equity securities [Member]
Investment [Line Items]
Available-for Sale, Fair value of Investments with Unrealized Losses, Less Than 12 Months	480	5,205
Available-for Sale, Gross Unrealized Losses, Less Than 12 Months	6	567
Fair Value of Investments with Unrealized Losses, 12 Months or Greater
Gross Unrealized Losses, 12 Months or Greater
Available-for Sale, Fair Value of Investments with Unrealized Losses, Total	480	5,205
Available-for Sale, Gross Unrealized Losses, Total	6	567
Asset-backed securities [Member]
Investment [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value	1,799	1,916
Held-to-maturity Securities, Continuous Unrealized Loss Position Twelve Months Or Longer, Accumulated Loss	120	144
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	1,799	1,916
Gross Unrealized Losses	120	144
U.S. Treasury securities and obligations of U.S. government agencies [Member]
Investment [Line Items]
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value	2,852
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less Than Twelve Months, Accumulated Loss	1
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value	2,852
Gross Unrealized Losses	1
Held-to-maturity securities [Member]
Investment [Line Items]
Fair Value of Investments with Unrealized Losses, Less Than 12 months	72,893	207,092
Gross Unrealized Loss, Less Than 12 Months	319	7,379
Fair Value of Investments with Unrealized Losses, 12 Months or Greater	23,939	9,752
Gross Unrealized Losses, 12 Months or Greater	3,978	2,994
Fair Value of Investments with Unrealized Losses, Total	96,832	216,844
Gross Unrealized Losses, Total	$ 4,297	$ 10,373

XML

Investments - Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, Classified as Available-for-sale (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Investment [Line Items]
Less than one year, Amortized Cost	$ 34,052
One to five years, Amortized Cost	84,799
Five to ten years, Amortized Cost	14,305
More than ten years, Amortized Cost	139,072
Total, Amortized Cost	282,240	244,409
Less than one year, Fair Value	34,120
One to five years, Fair Value	85,482
Five to ten years, Fair Value	14,661
More than ten years, Fair Value	142,592
Total, Fair Value	284,613	237,877
U.S. agency-based mortgage-backed securities [Member]
Investment [Line Items]
Available for sale securities, Amortized Cost	10,012
Available for sale securities, Fair Value	$ 7,758

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Investments - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2014 Individual Equity	Jun. 30, 2013
Investments Schedule [Abstract]
Individual fixed maturity held in unrealized loss position	88
Equity securities held in unrealized loss position	1
Individual fixed maturity held in unrealized loss position	26
Carrying value of investments	$ 11.1
Net realized investment gains (losses)	0.3	0.6
Impairment losses recognized	$ 1.3	$ 1.9

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Income Taxes - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]
Company recognized uncertain tax positions	$ 0	$ 0
Unrecognized tax benefits	$ 0

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Basis of Presentation

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Basis of Presentation

Note 1. Basis of Presentation

AMERISAFE, Inc. (the “Company”) is an insurance holding company incorporated in the state of Texas. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries: American Interstate Insurance Company (“AIIC”), Silver Oak Casualty, Inc. (“SOCI”), American Interstate Insurance Company of Texas (“AIICTX”), Amerisafe Risk Services, Inc. (“RISK”) and Amerisafe General Agency, Inc. (“AGAI”). AIIC and SOCI are property and casualty insurance companies organized under the laws of the state of Nebraska. AIICTX is a property and casualty insurance company organized under the laws of the state of Texas. In 2013, AIIC and SOCI were re-domesticated to Nebraska from Louisiana. RISK, a wholly owned subsidiary of the Company, is a claims and safety services company, currently servicing only affiliated insurance companies. AGAI, a wholly owned subsidiary of the Company, is a general agent for the Company. AGAI sells insurance, which is underwritten by AIIC, SOCI and AIICTX, as well as by nonaffiliated insurance carriers. The assets and operations of AGAI are not significant to that of the Company and its consolidated subsidiaries. The terms “AMERISAFE,” the “Company,” “we,” “us” or “our” refer to AMERISAFE, Inc. and its consolidated subsidiaries, as the context requires.

The Company provides workers’ compensation insurance for small to mid-sized employers engaged in hazardous industries, principally construction, trucking, manufacturing, oil and gas, and agriculture. Assets and revenues of AIIC represent at least 95% of comparable consolidated amounts of the Company for each of 2014 and 2013.

In the opinion of management of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position, the results of operations and cash flows for the periods presented. The unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q under the Securities Exchange Act of 1934 and therefore do not include all information and footnotes to be in conformity with accounting principles generally accepted in the United States (“GAAP”). The results for the interim periods are not necessarily indicative of the results of operations that may be expected for the year. The unaudited condensed consolidated financial statements contained herein should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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Comprehensive Income and Accumulated Other Comprehensive Income - Additional Information (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Comprehensive income	$ 15,789	$ 3,584	$ 29,578	$ 11,890
Comprehensive income tax rate			35.00%

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Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], Dividend Declared [Member], USD $)	0 Months Ended
	Jul. 29, 2014
Subsequent Event [Member] | Dividend Declared [Member]
Subsequent Event [Line Items]
Cash dividend per share	$ 0.12
Date of payment to shareholders entitled to dividends	Sep. 26, 2014
Date of record of shareholders entitled to dividends	Sep. 12, 2014

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Investments:
Fixed maturity securities-held-to-maturity, at amortized cost (fair value $607,512 and $561,179 in 2014 and 2013, respectively)	$ 579,145	$ 536,583
Fixed maturity securities-available-for-sale, at fair value (cost $282,240 and $244,409 in 2014 and 2013, respectively)	284,613	237,877
Equity securities-available-for-sale, at fair value (cost $3,446 and $9,482 in 2014 and 2013, respectively)	3,980	9,302
Short-term investments	85,806	84,422
Other investments	11,092	10,591
Total investments	964,636	878,775
Cash and cash equivalents	98,818	123,077
Amounts recoverable from reinsurers	85,512	75,326
Premiums receivable, net of allowance	205,113	171,579
Deferred income taxes	33,542	33,645
Accrued interest receivable	11,234	11,242
Property and equipment, net	7,589	7,549
Deferred policy acquisition costs	21,809	19,171
Other assets	11,464	8,637
Total assets	1,439,717	1,329,001
Liabilities:
Reserves for loss and loss adjustment expenses	657,276	614,557
Unearned premiums	184,238	164,296
Reinsurance premiums payable	1,000	607
Amounts held for others	39,084	35,739
Policyholder deposits	47,450	44,620
Insurance-related assessments	32,137	25,428
Accounts payable and other liabilities	32,651	26,940
Payable for investments purchased	10,397
Total liabilities	1,004,233	912,187
Shareholders' equity:
Common stock: Voting-$0.01 par value authorized shares-50,000,000 in 2014 and 2013; 19,984,575 and 19,855,430 shares issued and 18,726,325 and 18,597,180 shares outstanding in 2014 and 2013, respectively	199	198
Additional paid-in capital	195,436	192,537
Treasury stock at cost (1,258,250 shares in 2014 and 2013)	(22,370)	(22,370)
Accumulated earnings	260,258	250,744
Accumulated other comprehensive income/(loss), net	1,961	(4,295)
Total shareholders' equity	435,484	416,814
Total liabilities and shareholders' equity	$ 1,439,717	$ 1,329,001

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (USD $) In Thousands, except Share data	Total	Common stock	Treasury Stock	Additional Paid-In Capital	Accumulated Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2013	$ 416,814	$ 198	$ (22,370)	$ 192,537	$ 250,744	$ (4,295)
Treasury Stock Beginning Balance, Shares at Dec. 31, 2013	(1,258,250)		(1,258,250)
Beginning Balance, Shares at Dec. 31, 2013	19,855,430	19,855,430
Comprehensive income	29,578				23,322	6,256
Options exercised	1,127	1		1,126
Options exercised, Shares	123,167	123,167
Tax benefit from share-based payments	1,227			1,227
Restricted common stock issued
Restricted common stock issued, Shares		5,978
Share-based compensation	546			546
Dividends to stockholders	(13,808)				(13,808)
Ending Balance at Jun. 30, 2014	$ 435,484	$ 199	$ (22,370)	$ 195,436	$ 260,258	$ 1,961
Treasury Stock Ending Balance, Shares at Jun. 30, 2014	(1,258,250)		(1,258,250)
Ending Balance, Shares at Jun. 30, 2014	19,984,575	19,984,575

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Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	$ 299,685	$ 257,770
Equity securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	3,980	9,302
Other investments [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	11,092	10,591
Fair Value, Measurements, Recurring [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	299,685	257,770
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	284,613	237,877
Fair Value, Measurements, Recurring [Member] | Other investments [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	11,092	10,591
Fair Value, Measurements, Recurring [Member] | Common stock | Equity securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	3,980	9,302
Fair Value, Measurements, Recurring [Member] | States and political subdivisions [Member] | Debt Securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	155,092	150,375
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Debt Securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	121,763	80,428
Fair Value, Measurements, Recurring [Member] | U.S. agency-based mortgage-backed securities [Member] | Debt Securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	7,758	7,074
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	3,980	9,302
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Common stock | Equity securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	3,980	9,302
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	284,613	237,877
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	284,613	237,877
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | States and political subdivisions [Member] | Debt Securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	155,092	150,375
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | Debt Securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	121,763	80,428
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | U.S. agency-based mortgage-backed securities [Member] | Debt Securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	7,758	7,074
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	11,092	10,591
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Other investments [Member]
Fair Value Measurements Disclosure [Line Items]
Securities available for sale/Available-for-sale, Fair value	$ 11,092	$ 10,591

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Basis of Presentation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Percentage of comparable consolidated amounts	95.00%	95.00%

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Fair Value Measurements - Schedule of Assets and Liabilities Measured at Amortized Cost (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	$ 607,512	$ 561,179
States and political subdivisions [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	414,136	399,155
Corporate bonds [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	103,624	68,243
Commercial mortgage-backed securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	52,094	54,244
U.S. agency-based mortgage-backed securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	21,062	23,565
US Treasury securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	7,339	6,602
Obligations of U.S. government agencies [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	6,051	5,914
Asset-backed securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	3,206	3,456
Fair Value, Inputs, Level 1 [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	7,339	6,602
Fair Value, Inputs, Level 1 [Member] | US Treasury securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	7,339	6,602
Fair Value, Inputs, Level 2 [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	600,173	554,577
Fair Value, Inputs, Level 2 [Member] | States and political subdivisions [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	414,136	399,155
Fair Value, Inputs, Level 2 [Member] | Corporate bonds [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	103,624	68,243
Fair Value, Inputs, Level 2 [Member] | Commercial mortgage-backed securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	52,094	54,244
Fair Value, Inputs, Level 2 [Member] | U.S. agency-based mortgage-backed securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	21,062	23,565
Fair Value, Inputs, Level 2 [Member] | Obligations of U.S. government agencies [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	6,051	5,914
Fair Value, Inputs, Level 2 [Member] | Asset-backed securities [Member]
Fair Value Measurements Disclosure [Line Items]
Securities held-to-maturity-fixed maturity, Fair Value	$ 3,206	$ 3,456

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Earnings Per Share - Summary of Earnings Per Share (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share Basic [Abstract]
Net income	$ 12,773	$ 7,644	$ 23,322	$ 16,495
Less allocated income to unvested shares	0	26	0	41
Net income	12,773	7,618	23,322	16,454
Basic weighted average common shares	18,600,186	18,353,174	18,566,235	18,317,452
Basic earnings per common share	$ 0.69	$ 0.42	$ 1.26	$ 0.90
Net income available to common shareholders-diluted	$ 12,773	$ 7,618	$ 23,322	$ 16,454
Weighted average common shares	18,600,186	18,353,174	18,566,235	18,317,452
Stock options and performance shares	294,699	359,125	319,149	396,324
Diluted weighted average common shares	18,894,885	18,712,299	18,885,384	18,713,776
Diluted earnings per common share	$ 0.68	$ 0.41	$ 1.23	$ 0.88

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Operating Activities
Net income	$ 23,322	$ 16,495
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	627	644
Net amortization of investments	7,389	6,183
Deferred income taxes	(3,266)	(1,772)
Net realized (gains)/losses on investments	(333)	1,267
Loss on sale of asset		2
Share-based compensation	423	669
Changes in operating assets and liabilities:
Premiums receivable, net	(33,534)	(38,295)
Accrued interest receivable	8	(488)
Deferred policy acquisition costs	(2,638)	(2,540)
Other assets	(3,328)	(2,121)
Reserves for loss and loss adjustment expenses	42,719	23,020
Unearned premiums	19,942	24,188
Reinsurance balances	(9,793)	(1,855)
Amounts held for others and policyholder deposits	6,175	7,756
Accounts payable and other liabilities	22,885	26,293
Net cash provided by operating activities	70,598	59,446
Investing Activities
Purchases of investments held-to-maturity	(92,419)	(48,321)
Purchases of investments available-for-sale	(67,029)	(77,720)
Purchases of short-term investments	(69,139)	(72,680)
Proceeds from maturities of investments held-to-maturity	46,614	62,403
Proceeds from sales and maturities of investments available-for-sale	33,120	11,179
Proceeds from sales and maturities of short-term investments	66,061	58,039
Purchases of property and equipment	(667)	(662)
Net cash used in investing activities	(83,459)	(67,762)
Financing Activities
Proceeds from stock option exercises	1,127	1,125
Tax benefit from share-based payments	1,227	883
Dividends to stockholders	(13,752)	(2,944)
Net cash used in financing activities	(11,398)	(936)
Change in cash and cash equivalents	(24,259)	(9,252)
Cash and cash equivalents at beginning of period	123,077	92,676
Cash and cash equivalents at end of period	$ 98,818	$ 83,424

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]
Fixed maturity securities, fair value	$ 607,512	$ 561,179
Fixed maturity securities, cost	282,240	244,409
Equity securities, cost	$ 3,446	$ 9,482
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	19,984,575	19,855,430
Common stock, shares outstanding	18,726,325	18,597,180
Treasury stock, shares	1,258,250	1,258,250

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Earnings Per Share (Policies)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

The Company computes earnings per share ("EPS") in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Additionally, during 2013, the Company applied the “two-class method” in computing basic and diluted earnings per share as a result of the participating unvested common shares which contained nonforfeitable rights to dividends during this period. As of January 1, 2014, the Company no longer has participating unvested common shares which contain nonforfeitable rights to dividends and now applies the treasury stock method in computing basic and diluted earnings per share.

Income Taxes

In accordance with FASB ASC Topic 740, “Income Taxes,” we provide for the recognition and measurement of deferred income tax benefits based on the likelihood of their realization in future years. As of June 30, 2014, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required.

Fair Value Measurements

We carry available-for-sale securities at fair value in our consolidated financial statements and determine fair value measurements and disclosure in accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures.”

The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements.

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Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	AMSF
Entity Registrant Name	AMERISAFE INC
Entity Central Index Key	0001018979
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		18,741,325

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Summary of Earnings Per Share

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(in thousands, except share and per share amounts)
Basic EPS:
Net income, as reported	$	12,773	$	7,644	$	23,322	$	16,495
Less allocated income to unvested shares		—		26		—		41
Net income available to common shareholders—basic	$	12,773	$	7,618	$	23,322	$	16,454
Basic weighted average common shares		18,600,186		18,353,174		18,566,235		18,317,452
Basic earnings per common share	$	0.69	$	0.42	$	1.26	$	0.90
Diluted EPS:
Net income available to common shareholders—diluted	$	12,773	$	7,619	$	23,322	$	16,455
Diluted weighted average common shares:
Weighted average common shares		18,600,186		18,353,174		18,566,235		18,317,452
Stock options and performance shares		294,699		359,125		319,149		396,324
Diluted weighted average common shares		18,894,885		18,712,299		18,885,384		18,713,776
Diluted earnings per common share	$	0.68	$	0.41	$	1.23	$	0.88

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues
Gross premiums written	$ 103,820	$ 95,815	$ 209,523	$ 194,938
Ceded premiums written	(3,493)	(4,576)	(6,832)	(9,057)
Net premiums written	100,327	91,239	202,691	185,881
Net premiums earned	93,516	81,983	182,749	161,692
Net investment income	6,845	6,649	13,553	13,319
Net realized gains/(losses) on investments	232	(1,291)	333	(1,267)
Fee and other income	31	170	162	279
Total revenues	100,624	87,511	196,797	174,023
Expenses
Loss and loss adjustment expenses incurred	62,463	56,813	123,748	112,814
Underwriting and certain other operating costs	8,839	7,770	16,802	14,838
Commissions	6,987	6,229	13,674	12,393
Salaries and benefits	5,186	5,664	11,907	11,309
Policyholder dividends	88	388	201	942
Total expenses	83,563	76,864	166,332	152,296
Income before income taxes	17,061	10,647	30,465	21,727
Income tax expense	4,288	3,003	7,143	5,232
Net income	12,773	7,644	23,322	16,495
Net income available to common shareholders	$ 12,773	$ 7,618	$ 23,322	$ 16,454
Earnings per share
Basic	$ 0.69	$ 0.42	$ 1.26	$ 0.90
Diluted	$ 0.68	$ 0.41	$ 1.23	$ 0.88
Shares used in computing earnings per share
Basic	18,600,186	18,353,174	18,566,235	18,317,452
Diluted	18,894,885	18,712,299	18,885,384	18,713,776
Extraordinary cash dividends declared per common share			$ 0.50
Cash dividends declared per common share	$ 0.12	$ 0.08	$ 0.24	$ 0.16

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Income Taxes

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Note 5. Income Taxes

In accordance with FASB ASC Topic 740, “Income Taxes,” we provide for the recognition and measurement of deferred income tax benefits based on the likelihood of their realization in future years. As of June 30, 2014, the Company had no material unrecognized tax benefits and no adjustments to liabilities or operations were required.

The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. There were no uncertain tax positions recognized for the periods ended June 30, 2014 and 2013.

Tax years 2009 through 2013 are subject to examination by the federal and state taxing authorities. In April 2012, the Company was notified by the Internal Revenue Service that the examination for tax year 2009 had been completed, but remains subject to state taxing authorities.

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Investments

6 Months Ended

Jun. 30, 2014

Investments Debt And Equity Securities [Abstract]

Investments

Note 4. Investments

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at June 30, 2014 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	392,381	$	21,821	$	(66	)	$	414,136
Corporate bonds		102,925		756		(57	)		103,624
Commercial mortgage-backed securities		49,327		2,767		—			52,094
U.S. agency-based mortgage-backed securities		19,170		1,892		—			21,062
U.S. Treasury securities and obligations of U.S. government agencies		12,259		1,132		(1	)		13,390
Asset-backed securities		3,083		243		(120	)		3,206
Totals	$	579,145	$	28,611	$	(244	)	$	607,512

The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at June 30, 2014 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Fixed maturity:
States and political subdivisions	$	151,140	$	5,711	$	(1,759	)	$	155,092
Corporate bonds		121,088		708		(33	)		121,763
U.S. agency-based mortgage-backed securities		10,012		1		(2,255	)		7,758
Total fixed maturity		282,240		6,420		(4,047	)		284,613
Other investments		10,000		1,092		—			11,092
Equity securities		3,446		540		(6	)		3,980
Totals	$	295,686	$	8,052	$	(4,053	)	$	299,685

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2013 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	381,674	$	18,634	$	(1,153	)	$	399,155
Corporate bonds		67,423		861		(41	)		68,243
Commercial mortgage-backed securities		50,813		3,431		—			54,244
U.S. agency-based mortgage-backed securities		21,775		1,790		—			23,565
U.S. Treasury securities and obligations of U.S. Government agencies		11,514		1,002		—			12,516
Asset-backed securities		3,384		216		(144	)		3,456
Totals	$	536,583	$	25,934	$	(1,338	)	$	561,179

The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2013 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Fixed maturity:
States and political subdivisions	$	154,024	$	1,491	$	(5,140	)	$	150,375
Corporate bonds		80,344		445		(361	)		80,428
U.S. agency-based mortgage-backed securities		10,041		—		(2,967	)		7,074
Total fixed maturity		244,409		1,936		(8,468	)		237,877
Other investments		10,000		591		—			10,591
Equity securities		9,482		387		(567	)		9,302
Totals	$	263,891	$	2,914	$	(9,035	)	$	257,770

A summary of the cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at June 30, 2014, by contractual maturity, is as follows:

Remaining Time to Maturity	Amortized Cost Basis		Fair Value
	(in thousands)
Less than one year	$	55,153	$	55,726
One to five years		186,929		194,771
Five to ten years		140,954		150,762
More than ten years		124,529		129,891
U.S. agency-based mortgage-backed securities		19,170		21,062
Commercial mortgage-backed securities		49,327		52,094
Asset-backed securities		3,083		3,206
Total	$	579,145	$	607,512

A summary of cost and fair value of investments in fixed maturity securities, classified as available-for-sale at June 30, 2014, by contractual maturity, is as follows:

Remaining Time to Maturity	Amortized Cost Basis		Fair Value
	(in thousands)
Less than one year	$	34,052	$	34,120
One to five years		84,799		85,482
Five to ten years		14,305		14,661
More than ten years		139,072		142,592
U.S. agency-based mortgage-backed securities		10,012		7,758
Total	$	282,240	$	284,613

The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position:

	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(In thousands)
June 30, 2014
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	19,268	$	57	$	—	$	—	$	19,268	$	57
States and political subdivisions		14,872		64		1,423		2		16,295		66
Asset-backed securities		—		—		1,799		120		1,799		120
U.S. Treasury securities and obligations of U.S. government agencies		2,852		1		—		—		2,852		1
Total held-to-maturity securities		36,992		122		3,222		122		40,214		244
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	20,127	$	30	$	986	$	3	$	21,113	$	33
States and political subdivisions		14,689		82		12,700		1,677		27,389		1,759
U.S. agency-based mortgage-backed securities		605		79		7,031		2,176		7,636		2,255
Equity securities		480		6		—		—		480		6
Total available-for-sale securities		35,901		197		20,717		3,856		56,618		4,053
Total	$	72,893	$	319	$	23,939	$	3,978	$	96,832	$	4,297

	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(In thousands)
December 31, 2013
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	14,090	$	41	$	—	$	—	$	14,090	$	41
States and political subdivisions		54,895		1,147		311		6		55,206		1,153
Asset-backed securities		—		—		1,916		144		1,916		144
Total held-to-maturity securities		68,985		1,188		2,227		150		71,212		1,338
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	29,691	$	361	$	—	$	—	$	29,691	$	361
States and political subdivisions		101,908		4,798		1,753		342		103,661		5,140
U.S. agency-based mortgage-backed securities		1,303		465		5,772		2,502		7,075		2,967
Equity securities		5,205		567		—		—		5,205		567
Total available-for-sale securities		138,107		6,191		7,525		2,844		145,632		9,035
Total	$	207,092	$	7,379	$	9,752	$	2,994	$	216,844	$	10,373

At June 30, 2014, the Company held 88 individual fixed maturity securities and one equity security that were in an unrealized loss position, of which 26 individual fixed maturity securities were in a continuous unrealized loss position for longer than 12 months.

The Company holds investments in a long/short equity fund, accounted for under the equity method. The carrying value of this investment is $11.1 million at June 30, 2014.

Investment income is recognized as it is earned. The discount or premium on fixed maturity securities is amortized using the “constant yield” method. Anticipated prepayments, where applicable, are considered when determining the amortization of premiums or discounts. Realized investment gains and losses are determined using the specific identification method.

We regularly review our investment portfolio to evaluate the necessity of recording impairment losses for other-than-temporary declines in the fair value of our investments. We consider various factors in determining if a decline in the fair value of an individual security is other-than-temporary. The key factors we consider are:  

• any reduction or elimination of dividends, or nonpayment of scheduled principal or interest payments;

• the financial condition and near-term prospects of the issuer of the applicable security, including any specific events that may affect its operations or earnings;

• how long and by how much the fair value of the security has been below its cost or amortized cost;

• any downgrades of the security by a rating agency;

• our intent not to sell the security for a sufficient time period for it to recover its value;

• the likelihood of being forced to sell the security before the recovery of its value; and

• an evaluation as to whether there are any credit losses on debt securities.

We reviewed all securities with unrealized losses in accordance with the impairment policy described above. The Company expects to hold investments in equity securities for a reasonable period of time sufficient for a recovery of fair value. We determined that the unrealized losses in the fixed maturity securities portfolio related primarily to changes in market interest rates since the date of purchase, current conditions in the capital markets and the impact of those conditions on market liquidity and prices generally, and the transfer of the investments from the available-for-sale classification to the held-to-maturity classification in January 2004. We expect to recover the carrying value of these securities as it is not more likely than not that we will be required to sell the security before the recovery of its amortized cost basis. In addition, none of the unrealized losses on debt securities are considered credit losses.

Net realized gains on investments in the six months ended June 30, 2014 totaled $0.3 million resulting from gains on called fixed maturity securities and the sale of equity securities. Net realized losses in the six months ended June 30, 2013 were $1.3 million from the impairment losses recognized for other-than-temporary declines in the fair value of certain equity securities of $1.9 million offset by realized gains of $0.6 from the sale of equity and fixed maturity securities classified as available-for-sale.

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Stock Options and Restricted Stock - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014 Incentive_Plan	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans	3
Market value of restricted shares granted	$ 200,000
Stock options exercised, Shares	123,167	125,000
Proceeds from stock option exercises	1,127,000	1,125,000
Share-based compensation expense	$ 400,000	$ 700,000
Restricted Stock Units (RSUs) [Member] | Non-Employee Directors [Member] | 2010 Restricted Stock Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted common stock granted	4,866

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Investments (Tables)

6 Months Ended

Jun. 30, 2014

Gross Unrealized Gains and Losses and Amortized Cost and Fair Value of Investments Classified as Held-to-maturity

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at June 30, 2014 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	392,381	$	21,821	$	(66	)	$	414,136
Corporate bonds		102,925		756		(57	)		103,624
Commercial mortgage-backed securities		49,327		2,767		—			52,094
U.S. agency-based mortgage-backed securities		19,170		1,892		—			21,062
U.S. Treasury securities and obligations of U.S. government agencies		12,259		1,132		(1	)		13,390
Asset-backed securities		3,083		243		(120	)		3,206
Totals	$	579,145	$	28,611	$	(244	)	$	607,512

The gross unrealized gains and losses on, and the amortized cost and fair value of, those investments classified as held-to-maturity at December 31, 2013 are summarized as follows:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
States and political subdivisions	$	381,674	$	18,634	$	(1,153	)	$	399,155
Corporate bonds		67,423		861		(41	)		68,243
Commercial mortgage-backed securities		50,813		3,431		—			54,244
U.S. agency-based mortgage-backed securities		21,775		1,790		—			23,565
U.S. Treasury securities and obligations of U.S. Government agencies		11,514		1,002		—			12,516
Asset-backed securities		3,384		216		(144	)		3,456
Totals	$	536,583	$	25,934	$	(1,338	)	$	561,179

Gross Unrealized Gains and Losses and Cost or Amortized Cost and Fair Value of Investments Classified as Available-for-sale

The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at June 30, 2014 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Fixed maturity:
States and political subdivisions	$	151,140	$	5,711	$	(1,759	)	$	155,092
Corporate bonds		121,088		708		(33	)		121,763
U.S. agency-based mortgage-backed securities		10,012		1		(2,255	)		7,758
Total fixed maturity		282,240		6,420		(4,047	)		284,613
Other investments		10,000		1,092		—			11,092
Equity securities		3,446		540		(6	)		3,980
Totals	$	295,686	$	8,052	$	(4,053	)	$	299,685

The gross unrealized gains and losses on, and the cost or amortized cost and fair value of, those investments classified as available-for-sale at December 31, 2013 are summarized as follows:

	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Fixed maturity:
States and political subdivisions	$	154,024	$	1,491	$	(5,140	)	$	150,375
Corporate bonds		80,344		445		(361	)		80,428
U.S. agency-based mortgage-backed securities		10,041		—		(2,967	)		7,074
Total fixed maturity		244,409		1,936		(8,468	)		237,877
Other investments		10,000		591		—			10,591
Equity securities		9,482		387		(567	)		9,302
Totals	$	263,891	$	2,914	$	(9,035	)	$	257,770

Investment Securities Continuous Unrealized Loss Position

The following table summarizes the fair value and gross unrealized losses on securities, aggregated by major investment category and length of time that the individual securities have been in a continuous unrealized loss position:

	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(In thousands)
June 30, 2014
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	19,268	$	57	$	—	$	—	$	19,268	$	57
States and political subdivisions		14,872		64		1,423		2		16,295		66
Asset-backed securities		—		—		1,799		120		1,799		120
U.S. Treasury securities and obligations of U.S. government agencies		2,852		1		—		—		2,852		1
Total held-to-maturity securities		36,992		122		3,222		122		40,214		244
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	20,127	$	30	$	986	$	3	$	21,113	$	33
States and political subdivisions		14,689		82		12,700		1,677		27,389		1,759
U.S. agency-based mortgage-backed securities		605		79		7,031		2,176		7,636		2,255
Equity securities		480		6		—		—		480		6
Total available-for-sale securities		35,901		197		20,717		3,856		56,618		4,053
Total	$	72,893	$	319	$	23,939	$	3,978	$	96,832	$	4,297

	Less Than 12 Months				12 Months or Greater				Total
	Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses		Fair Value of Investments with Unrealized Losses		Gross Unrealized Losses
	(In thousands)
December 31, 2013
Held-to-Maturity
Fixed maturity securities:
Corporate bonds	$	14,090	$	41	$	—	$	—	$	14,090	$	41
States and political subdivisions		54,895		1,147		311		6		55,206		1,153
Asset-backed securities		—		—		1,916		144		1,916		144
Total held-to-maturity securities		68,985		1,188		2,227		150		71,212		1,338
Available-for Sale
Fixed maturity securities:
Corporate bonds	$	29,691	$	361	$	—	$	—	$	29,691	$	361
States and political subdivisions		101,908		4,798		1,753		342		103,661		5,140
U.S. agency-based mortgage-backed securities		1,303		465		5,772		2,502		7,075		2,967
Equity securities		5,205		567		—		—		5,205		567
Total available-for-sale securities		138,107		6,191		7,525		2,844		145,632		9,035
Total	$	207,092	$	7,379	$	9,752	$	2,994	$	216,844	$	10,373

Held-to-maturity securities [Member]

Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity

A summary of the cost and fair value of investments in fixed maturity securities, classified as held-to-maturity at June 30, 2014, by contractual maturity, is as follows:

Remaining Time to Maturity	Amortized Cost Basis		Fair Value
	(in thousands)
Less than one year	$	55,153	$	55,726
One to five years		186,929		194,771
Five to ten years		140,954		150,762
More than ten years		124,529		129,891
U.S. agency-based mortgage-backed securities		19,170		21,062
Commercial mortgage-backed securities		49,327		52,094
Asset-backed securities		3,083		3,206
Total	$	579,145	$	607,512

Available-for-sale securities [Member]

Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, by Contractual Maturity

A summary of cost and fair value of investments in fixed maturity securities, classified as available-for-sale at June 30, 2014, by contractual maturity, is as follows:

Remaining Time to Maturity	Amortized Cost Basis		Fair Value
	(in thousands)
Less than one year	$	34,052	$	34,120
One to five years		84,799		85,482
Five to ten years		14,305		14,661
More than ten years		139,072		142,592
U.S. agency-based mortgage-backed securities		10,012		7,758
Total	$	282,240	$	284,613

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Treasury Stock

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Treasury Stock

Note 8. Treasury Stock

The Company’s Board of Directors initiated a share repurchase program in February 2010. In October 2011, October 2012 and October 2013, the Board reauthorized this program with a new limit of $25.0 million. Unless reauthorized, the program will expire on December 31, 2014. Since the beginning of this plan, the Company has repurchased a total of 1,258,250 shares for $22.4 million, or an average price of $17.78, including commissions.

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Comprehensive Income and Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Comprehensive Income and Accumulated Other Comprehensive Income

Note 6. Comprehensive Income and Accumulated Other Comprehensive Income

Comprehensive income was $15.8 million for the three months ended June 30, 2014, compared to $3.6 million for the three months ended June 30, 2013. The difference between net income as reported and comprehensive income was due to changes in unrealized gains and losses, net of tax on available-for-sale securities.

Comprehensive income includes net income plus unrealized gains/losses on our available-for-sale investment securities, net of tax. In reporting comprehensive income on a net basis in the statement of income, we used a 35 percent tax rate. The following table illustrates the changes in the balance of each component of accumulated other comprehensive income for each period presented in the interim financial statements.

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(in thousands)
Beginning balance	$	(1,055	)	$	2,434		$	(4,295	)	$	2,979
Other comprehensive income/(loss) before reclassification		3,143			(4,442	)		6,120			(4,857	)
Amounts reclassified from accumulated other comprehensive income		(127	)		382			136			252
Net current period other comprehensive income/(loss)		3,016			(4,060	)		6,256			(4,605	)
Ending balance	$	1,961		$	(1,626	)	$	1,961		$	(1,626	)

The sale or other-than-temporary impairment of an available-for-sale security results in amounts being reclassified from accumulated other comprehensive income to current period net income. The effects of reclassifications out of accumulated other comprehensive income by the respective line items of net income are presented in the following table.

Component of Accumulated Other Comprehensive Income	Three Months Ended June 30,						Six Months Ended June 30,						Affected line item in the statement of income
	2014			2013			2014			2013
	(in thousands)
Unrealized gains/(losses) on available-for-sale securities	$	195		$	209		$	(209	)	$	92		Net realized gains on investments
Other-than-temporary impairment		—			(797	)		—			(479	)	Net realized gains on investments
		195			(588	)		(209	)		(387	)	Income before income taxes
		(68	)		206			73			135		Income tax expense
	$	127		$	(382	)	$	(136	)	$	(252	)	Net income

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Fair Value Measurements

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 7. Fair Value Measurements

We carry available-for-sale securities at fair value in our consolidated financial statements and determine fair value measurements and disclosure in accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures.”

The Company determines the fair values of its financial instruments based on the fair value hierarchy established in ASC Topic 820, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard defines fair value, describes three levels of inputs that may be used to measure fair value, and expands disclosures about fair value measurements.

Fair value is defined in ASC Topic 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is the price to sell an asset or transfer a liability and, therefore, represents an exit price, not an entry price. Fair value is the exit price in the principal market (or, if lacking a principal market, the most advantageous market) in which the reporting entity would transact. Fair value is a market-based measurement, not an entity-specific measurement, and, as such, is determined based on the assumptions that market participants would use in pricing the asset or liability. The exit price objective of a fair value measurement applies regardless of the reporting entity’s intent and/or ability to sell the asset or transfer the liability at the measurement date.

ASC Topic 820 requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present value amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset, also known as current replacement cost. Valuation techniques used to measure fair value are to be consistently applied.

In ASC Topic 820, inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable:  

• Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity.

• Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Valuation techniques used to measure fair value are intended to maximize the use of observable inputs and minimize the use of unobservable inputs. ASC Topic 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation techniques into the following three levels:  

• Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

• Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data.

• Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs are to be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date.

In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters.

The fair values of the Company’s investments are based upon prices provided by an independent pricing service. The Company has reviewed these prices for reasonableness and has not adjusted any prices received from the independent provider. Securities reported at fair value utilizing Level 1 inputs represent assets whose fair value is determined based upon observable unadjusted quoted market prices for identical assets in active markets. Level 2 securities represent assets whose fair value is determined using observable market information such as previous day trade prices, quotes from less active markets or quoted prices of securities with similar characteristics. There were no transfers between Level 1 and Level 2 during the six months ended June 30, 2014.

At June 30, 2014, assets and liabilities measured at fair value on a recurring basis are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as a part of:
Other investments	$	—	$	—	$	11,092	$	11,092
Securities available for sale—equity:
Domestic common stock		3,980		—		—		3,980
Securities available for sale—fixed maturity:
States and political subdivisions		—		155,092		—		155,092
Corporate bonds		—		121,763		—		121,763
U.S. agency-based mortgage-backed securities		—		7,758		—		7,758
Total securities available for sale—fixed maturity		—		284,613		—		284,613
Total available for sale	$	3,980	$	284,613	$	11,092	$	299,685

At June 30, 2014, assets and liabilities measured at amortized cost are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity
States and political subdivisions	$	—	$	414,136	$	—	$	414,136
Corporate bonds		—		103,624		—		103,624
Commercial mortgage-backed securities		—		52,094		—		52,094
U.S. agency-based mortgage-backed securities		—		21,062		—		21,062
U.S. Treasury securities		7,339		—		—		7,339
Obligations of U.S. government agencies		—		6,051		—		6,051
Asset-backed securities		—		3,206		—		3,206
Total held-to-maturity	$	7,339	$	600,173	$	—	$	607,512

At December 31, 2013, assets and liabilities measured at fair value on a recurring basis are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as part of:
Other investments	$	—	$	—	$	10,591	$	10,591
Securities available for sale—equity
Domestic common stock		9,302		—		—		9,302
Securities available for sale—fixed maturity
States and political subdivisions		—		150,375		—		150,375
Corporate bonds		—		80,428		—		80,428
U.S. agency-based mortgage-backed securities		—		7,074		—		7,074
Total available for sale—fixed maturity		—	$	237,877	$	—	$	237,877
Total available for sale	$	9,302	$	237,877	$	10,591	$	257,770

At December 31, 2013, assets and liabilities measured at amortized cost are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity
States and political subdivisions	$	—	$	399,155	$	—	$	399,155
Corporate bonds		—		68,243		—		68,243
Commercial mortgage-backed securities		—		54,244		—		54,244
U.S. agency-based mortgage-backed securities		—		23,565		—		23,565
U.S. Treasury securities		6,602		—		—		6,602
Obligations of U.S. government agencies		—		5,914		—		5,914
Asset-backed securities		—		3,456		—		3,456
Total held-to-maturity	$	6,602	$	554,577	$	—	$	561,179

The Company determines fair value amounts for financial instruments using available third-party market information. When such information is not available, the Company determines the fair value amounts using appropriate valuation methodologies. Nonfinancial instruments such as real estate, property and equipment, deferred policy acquisition costs, deferred income taxes and loss and loss adjustment expense reserves are excluded from the fair value disclosure.

Cash and Cash Equivalents—The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values, which are characterized as Level 1 assets.

Investments—The fair values for fixed maturity and equity securities are based on prices obtained from an independent pricing service. Equity and treasury securities are characterized as Level 1 assets, as their fair values are based on quoted prices in active markets. Fixed maturity securities, other than treasury securities, are characterized as Level 2 assets, as their fair values are determined using observable market inputs.

Short Term Investments—The carrying amounts reported in the accompanying consolidated balance sheets for these financial instruments approximate their fair values. These securities are characterized as Level 2 assets in the fair value hierarchy.

Other Investments—Other investments consist of limited partnership (LP) interests valued using the net asset value provided by the general partner of the LP, which approximates the fair value of the interest. The LP’s objective is to generate absolute returns by investing long and short in publicly-traded global securities. Redemptions are allowed monthly following a sixty day notice with no lock up periods. The Company has no unfunded commitments related to the LP. This investment is characterized as a Level 3 asset in the fair value hierarchy.

The following table summarizes the carrying values and corresponding fair values for financial instruments:

	As of June 30, 2014				As of December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	579,145	$	607,512	$	536,583	$	561,179
Fixed maturity securities—available-for-sale		284,613		284,613		237,877		237,877
Equity securities		3,980		3,980		9,302		9,302
Cash and cash equivalents		98,818		98,818		123,077		123,077
Short-term investments		85,806		85,806		84,422		84,422
Other investments		11,092		11,092		10,591		10,591

The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input.

	June 30, 2014		December 31, 2013
	(in thousands)
Beginning balance	$	10,591	$	—
Purchases		—		10,000
Total gains unrealized (Included in earnings as part of net investment income)		501		591
Ending Balance	$	11,092	$	10,591

The purchase reported on the Level 3 table above is related to an interest in a limited partnership.

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Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

Note 9. Subsequent Events

On July 29, 2014, the Company’s Board of Directors declared a quarterly cash dividend of $0.12 per share, payable on September 26, 2014 to shareholders of record as of September 12, 2014. The Board intends to consider the payment of a regular cash dividend each calendar quarter.

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Comprehensive Income and Accumulated Other Comprehensive Income - Reclassification Out of Accumulated Other Comprehensive Income (Detail) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income before income taxes	$ 17,061	$ 10,647	$ 30,465	$ 21,727
Income tax expense	(4,288)	(3,003)	(7,143)	(5,232)
Net income	12,773	7,618	23,322	16,454
Changes in net unrealized gains on investment securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Unrealized gains/(losses) on available for sale securities	195	209	(209)	92
Other-than-temporary impairment		(797)		(479)
Income before income taxes	195	(588)	(209)	(387)
Income tax expense	(68)	206	73	135
Net income	$ 127	$ (382)	$ (136)	$ (252)

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

At June 30, 2014, assets and liabilities measured at fair value on a recurring basis are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as a part of:
Other investments	$	—	$	—	$	11,092	$	11,092
Securities available for sale—equity:
Domestic common stock		3,980		—		—		3,980
Securities available for sale—fixed maturity:
States and political subdivisions		—		155,092		—		155,092
Corporate bonds		—		121,763		—		121,763
U.S. agency-based mortgage-backed securities		—		7,758		—		7,758
Total securities available for sale—fixed maturity		—		284,613		—		284,613
Total available for sale	$	3,980	$	284,613	$	11,092	$	299,685

At December 31, 2013, assets and liabilities measured at fair value on a recurring basis are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Financial instruments carried at fair value, classified as part of:
Other investments	$	—	$	—	$	10,591	$	10,591
Securities available for sale—equity
Domestic common stock		9,302		—		—		9,302
Securities available for sale—fixed maturity
States and political subdivisions		—		150,375		—		150,375
Corporate bonds		—		80,428		—		80,428
U.S. agency-based mortgage-backed securities		—		7,074		—		7,074
Total available for sale—fixed maturity		—	$	237,877	$	—	$	237,877
Total available for sale	$	9,302	$	237,877	$	10,591	$	257,770

Schedule of Assets and Liabilities Measured at Amortized Cost

At June 30, 2014, assets and liabilities measured at amortized cost are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity
States and political subdivisions	$	—	$	414,136	$	—	$	414,136
Corporate bonds		—		103,624		—		103,624
Commercial mortgage-backed securities		—		52,094		—		52,094
U.S. agency-based mortgage-backed securities		—		21,062		—		21,062
U.S. Treasury securities		7,339		—		—		7,339
Obligations of U.S. government agencies		—		6,051		—		6,051
Asset-backed securities		—		3,206		—		3,206
Total held-to-maturity	$	7,339	$	600,173	$	—	$	607,512

At December 31, 2013, assets and liabilities measured at amortized cost are summarized below:

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
	(in thousands)
Securities held-to-maturity—fixed maturity
States and political subdivisions	$	—	$	399,155	$	—	$	399,155
Corporate bonds		—		68,243		—		68,243
Commercial mortgage-backed securities		—		54,244		—		54,244
U.S. agency-based mortgage-backed securities		—		23,565		—		23,565
U.S. Treasury securities		6,602		—		—		6,602
Obligations of U.S. government agencies		—		5,914		—		5,914
Asset-backed securities		—		3,456		—		3,456
Total held-to-maturity	$	6,602	$	554,577	$	—	$	561,179

Summary of Carrying Values and Corresponding Fair Values for Financial Instruments

The following table summarizes the carrying values and corresponding fair values for financial instruments:

	As of June 30, 2014				As of December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
	(in thousands)
Assets:
Fixed maturity securities—held-to-maturity	$	579,145	$	607,512	$	536,583	$	561,179
Fixed maturity securities—available-for-sale		284,613		284,613		237,877		237,877
Equity securities		3,980		3,980		9,302		9,302
Cash and cash equivalents		98,818		98,818		123,077		123,077
Short-term investments		85,806		85,806		84,422		84,422
Other investments		11,092		11,092		10,591		10,591

Summary of Changes in Fair Value of Assets Measured at Fair value

The following table presents summary information regarding changes in the fair value of assets measured at fair value using Level 3 input.

	June 30, 2014		December 31, 2013
	(in thousands)
Beginning balance	$	10,591	$	—
Purchases		—		10,000
Total gains unrealized (Included in earnings as part of net investment income)		501		591
Ending Balance	$	11,092	$	10,591

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Investments - Gross Unrealized Gains and Losses and Cost or Amortized Cost and Fair Value of Investments Classified as Available-for-sale (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Investment [Line Items]
Cost or Amortized Cost	$ 295,686	$ 263,891
Gross Unrealized Gains	8,052	2,914
Gross Unrealized Losses	(4,053)	(9,035)
Fair Value	299,685	257,770
Total fixed maturity [Member]
Investment [Line Items]
Cost or Amortized Cost	282,240	244,409
Gross Unrealized Gains	6,420	1,936
Gross Unrealized Losses	(4,047)	(8,468)
Fair Value	284,613	237,877
Other investments [Member]
Investment [Line Items]
Cost or Amortized Cost	10,000	10,000
Gross Unrealized Gains	1,092	591
Fair Value	11,092	10,591
States and political subdivisions [Member]
Investment [Line Items]
Cost or Amortized Cost	151,140	154,024
Gross Unrealized Gains	5,711	1,491
Gross Unrealized Losses	(1,759)	(5,140)
Fair Value	155,092	150,375
Corporate bonds [Member]
Investment [Line Items]
Cost or Amortized Cost	121,088	80,344
Gross Unrealized Gains	708	445
Gross Unrealized Losses	(33)	(361)
Fair Value	121,763	80,428
U.S. agency-based mortgage-backed securities [Member]
Investment [Line Items]
Cost or Amortized Cost	10,012	10,041
Gross Unrealized Gains	1
Gross Unrealized Losses	(2,255)	(2,967)
Fair Value	7,758	7,074
Equity securities [Member]
Investment [Line Items]
Cost or Amortized Cost	3,446	9,482
Gross Unrealized Gains	540	387
Gross Unrealized Losses	(6)	(567)
Fair Value	$ 3,980	$ 9,302

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 12,773	$ 7,644	$ 23,322	$ 16,495
Other comprehensive income:
Unrealized gain/(loss) on securities, net of tax	3,016	(4,060)	6,256	(4,605)
Comprehensive income	$ 15,789	$ 3,584	$ 29,578	$ 11,890

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Earnings Per Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Note 3. Earnings Per Share

The Company computes earnings per share (“EPS”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Additionally, during 2013, the Company applied the “two-class method” in computing basic and diluted earnings per share as a result of the participating unvested common shares which contained nonforfeitable rights to dividends during this period. As of January 1, 2014, the Company no longer has participating unvested common shares which contain nonforfeitable rights to dividends and now applies the treasury stock method in computing basic and diluted earnings per share.

Under the two-class method, net income available to common and participating common shareholders is reduced by the amount of dividends declared in the current period and by the contractual amount of dividends that must be paid for the current period related to the Company’s common and participating common shares. Participating common shares include unvested share-based payment awards that contain nonforfeitable rights to dividends, whether paid or unpaid. Any remaining undistributed earnings are allocated to the common and participating common shareholders to the extent that each security shares in earnings as if all of the earnings for the period had been distributed. The amount of earnings allocable to each security is divided by the number of outstanding shares of the security to which the earnings are allocated to determine the EPS for the security. In a period of loss, no losses are allocated to the participating common shareholders. Instead, all such losses are allocated to the common shareholders.

Basic EPS is calculated by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any outstanding options or warrants were exercised or restricted stock becomes vested, and includes the “if converted” method for participating securities if the effect is dilutive. We determine diluted EPS as the more dilutive result of either the treasury method or the two-class method.  

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(in thousands, except share and per share amounts)
Basic EPS:
Net income, as reported	$	12,773	$	7,644	$	23,322	$	16,495
Less allocated income to unvested shares		—		26		—		41
Net income available to common shareholders—basic	$	12,773	$	7,618	$	23,322	$	16,454
Basic weighted average common shares		18,600,186		18,353,174		18,566,235		18,317,452
Basic earnings per common share	$	0.69	$	0.42	$	1.26	$	0.90
Diluted EPS:
Net income available to common shareholders—diluted	$	12,773	$	7,619	$	23,322	$	16,455
Diluted weighted average common shares:
Weighted average common shares		18,600,186		18,353,174		18,566,235		18,317,452
Stock options and performance shares		294,699		359,125		319,149		396,324
Diluted weighted average common shares		18,894,885		18,712,299		18,885,384		18,713,776
Diluted earnings per common share	$	0.68	$	0.41	$	1.23	$	0.88

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Investments - Summary of Amortized Cost and Fair Value of Investments in Fixed Maturity Securities, Classified as Held-to-maturity (Detail) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Investment [Line Items]
Less than one year, Amortized Cost	$ 55,153
One to five years, Amortized Cost	186,929
Five to ten years, Amortized Cost	140,954
More than ten years, Amortized Cost	124,529
Total, Amortized Cost	579,145	536,583
Less than one year, Fair Value	55,726
One to five years, Fair Value	194,771
Five to ten years, Fair Value	150,762
More than ten years, Fair Value	129,891
Total, Fair Value	607,512	561,179
U.S. agency-based mortgage-backed securities [Member]
Investment [Line Items]
Held-to-maturity, Amortized Cost	19,170
Held-to-maturity, Fair Value	21,062
Commercial mortgage-backed securities [Member]
Investment [Line Items]
Held-to-maturity, Amortized Cost	49,327
Held-to-maturity, Fair Value	52,094
Asset-backed securities [Member]
Investment [Line Items]
Held-to-maturity, Amortized Cost	3,083
Held-to-maturity, Fair Value	$ 3,206

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Fair Value Measurements - Summary of Changes in Fair Value of Assets Measured at Fair Value (Detail) (Fair Value, Inputs, Level 3 [Member], USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Inputs, Level 3 [Member]
Fair Value Measurements Disclosure [Line Items]
Beginning balance	$ 10,591	$ 0
Purchases		10,000
Total gains unrealized (Included in earnings as part of net investment income)	501	591
Ending Balance	$ 11,092	$ 10,591

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Comprehensive Income and Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (AOCI)

The following table illustrates the changes in the balance of each component of accumulated other comprehensive income for each period presented in the interim financial statements.

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(in thousands)
Beginning balance	$	(1,055	)	$	2,434		$	(4,295	)	$	2,979
Other comprehensive income/(loss) before reclassification		3,143			(4,442	)		6,120			(4,857	)
Amounts reclassified from accumulated other comprehensive income		(127	)		382			136			252
Net current period other comprehensive income/(loss)		3,016			(4,060	)		6,256			(4,605	)
Ending balance	$	1,961		$	(1,626	)	$	1,961		$	(1,626	)

Reclassification Out of Accumulated Other Comprehensive Income

The effects of reclassifications out of accumulated other comprehensive income by the respective line items of net income are presented in the following table.

Component of Accumulated Other Comprehensive Income	Three Months Ended June 30,						Six Months Ended June 30,						Affected line item in the statement of income
	2014			2013			2014			2013
	(in thousands)
Unrealized gains/(losses) on available-for-sale securities	$	195		$	209		$	(209	)	$	92		Net realized gains on investments
Other-than-temporary impairment		—			(797	)		—			(479	)	Net realized gains on investments
		195			(588	)		(209	)		(387	)	Income before income taxes
		(68	)		206			73			135		Income tax expense
	$	127		$	(382	)	$	(136	)	$	(252	)	Net income