Schedule II. Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule II. Condensed Financial Information of Registrant

Schedule II. Condensed Financial Information of Registrant

AMERISAFE, INC.

CONDENSED BALANCE SHEETS

	December 31,
	2025		2024
	(in thousands)
Assets:
Investments:
Fixed maturity securities—available-for-sale, at fair value    (amortized cost $997 and $4,988 in 2025 and 2024, respectively)	$	970	$	4,925
Equity securities, at fair value (cost $0, and $5,110 in 2025    and 2024, respectively)		—		8,000
Short-term investments		4,593		—
Investment in subsidiaries		220,923		230,936
Total investments		226,486		243,861
Cash and cash equivalents		19,946		11,793
Deferred income taxes		1,240		685
Notes receivable from subsidiaries		2,398		2,007
Property and equipment, net		1,311		762
Federal income tax recoverable		3,252		1,676
Other assets		1,261		1,051
Total assets	$	255,894	$	261,835
Liabilities and shareholders’ equity
Liabilities:
Accounts payable and other liabilities		4,296		4,494
Total liabilities		4,296		4,494
Shareholders' equity (net of Treasury stock of $54,155 and $42,052    at December 31, 2025 and 2024, respectively)		251,598		257,341
Total liabilities and shareholders' equity	$	255,894	$	261,835

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

AMERISAFE, INC.

CONDENSED STATEMENTS OF INCOME

	Year Ended December 31,
	2025			2024		2023
	(in thousands)
Revenues
Net investment income	$	3,593		$	2,279	$	4,861
Net unrealized gains (losses) on equity securities		(2,890	)		141		(845	)
Fee and other income		8,856			10,395		8,933
Total revenues		9,559			12,815		12,949
Expenses
Other operating costs		8,856			10,395		8,932
Total expenses		8,856			10,395		8,932
Income before income taxes and equity in earnings of subsidiaries		703			2,420		4,017
Income tax expense		617			1,412		1,055
Gain before equity in earnings of subsidiaries		86			1,008		2,962
Equity in net income of subsidiaries		47,058			54,428		59,146
Net income	$	47,144		$	55,436	$	62,108

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

AMERISAFE, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2025			2024			2023
	(in thousands)
Operating activities
Net cash provided by operating activities	$	554		$	2,623		$	5,591
Investing activities
Purchases of investments		(4,588	)		—			(24,885	)
Proceeds from sales of investments		12,223			22,502			35,013
Purchases of property and equipment		(1,124	)		231			(482	)
Dividends from subsidiary		62,700			71,000			56,000
Net cash provided by investing activities		69,211			93,733			65,646
Financing activities
Finance lease purchases		(85	)		(85	)		(91	)
Share-based compensation related tax withholding		(817	)		(554	)		(944	)
Purchase of treasury stock		(12,103	)		(5,123	)		(2,171	)
Dividends to shareholders		(48,607	)		(85,436	)		(93,307	)
Net cash used in financing activities		(61,612	)		(91,198	)		(96,513	)
Change in cash and cash equivalents		8,153			5,158			(25,276	)
Cash and cash equivalents at beginning of year		11,793			6,635			31,911
Cash and cash equivalents at end of year	$	19,946		$	11,793		$	6,635