AMERISAFE, Inc. (AMSF) Stock

AMERISAFE, Inc. (AMSF) is a Financials stock trading at $26.00 (as of 2026-08-21), with a market capitalization of $486.30M and a trailing P/E of 10.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

AMERISAFE, Inc. is an insurance holding company that underwrites workers’ compensation insurance in the United States. Its policies provide benefits for injuries, including disability, death, and medical and hospital expenses, serving small to mid-sized employers in hazardous industries such as construction, trucking, logging, agriculture, manufacturing, telecommunications, and maritime.

Understand AMERISAFE, Inc.: how it makes money

AMERISAFE underwrites workers' compensation insurance in the United States for small to mid-sized employers in hazardous industries, earning money by collecting premiums and paying claim benefits and related medical, disability, death, and expense obligations.

AMERISAFE's profit model is underwriting centered, where the Net Combined Ratio summarizes whether the premiums it writes and earns are sufficient versus incurred losses and underwriting expenses.

Business quality (Mixed): Clear operating metrics exist for underwriting performance (Net Combined Ratio, loss and expense ratios, retention), but no reportable business segments are provided in the input, limiting segment-level visibility.

Valuation: At 13× earnings, AMSF trades in line with the Insurance average (13×). Note: one-time items can distort reported P/E.

Bull case

Underwriting performance reflected in the Net Combined Ratio: For the latest reported quarter (2026-03-31), the Net Combined Ratio is 93.2 percent, indicating underwriting results that are favorable relative to breaking even on a combined basis.
Retention appears strong: Policy Retention Rate is 92.4 percent, suggesting the company keeps a high portion of its workers' compensation business through renewals.

Bear case

Claim and expense variability can move underwriting results: Workers' compensation involves losses for temporary or permanent disability, death, and medical and hospital expenses, so adverse changes in claim frequency or severity (and related loss development) can worsen the Net Combined Ratio.
Results can depend on assumptions for prior periods: The company reports favorable prior-year development loss ratio points, which implies that prior accident year estimates can affect the loss picture over time, creating uncertainty in quarter to quarter comparability.

Valuation — source: SEC EDGAR (first-party)
Price	$26.00
Market Cap	$486.30M
P/E Ratio	10.4
EV / EBITDA	7.1
Price / Book	1.95
Price / Sales	1.45
FCF Yield	4.0%
DCF Value (model)	$39.94
DCF Upside vs Price	53.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$317.25M
Net Margin	14.9%
Revenue Growth (YoY)	13.4%
EPS Growth (YoY)	8.2%
FCF Growth (YoY)	-118.8%

Valuation vs Sector & Industry
Stock P/E	10.4
Sector P/E (Financials)	15.1
Industry P/E (Insurance)	13.0
vs Sector	-31.4%
vs Industry	-20.6%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($109.08M)
Institutional Holders Tracked	10
Congressional Trades (recent)	1

Company
Sector	Financials
Industry	Insurance
CEO	Gerry Janelle Frost
Employees	362
Country	US
IPO Date	2005-11-18

Related Companies (Business model: Property & Casualty Insurer; 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.