AMERISAFE is a specialty workers' compensation insurer focused exclusively on small to mid-sized employers in high-hazard industries — construction, trucking, logging and lumber, agriculture, and maritime. Workers' comp insurance covers medical costs, wage replacement, and death benefits for employees injured on the job. AMERISAFE targets industries where injuries are infrequent but severe (paralysis, dismemberment, death), which supports higher premium rates per payroll dollar than standard workers' comp. AMERISAFE sells exclusively through roughly 1,400 independent agencies, retaining all underwriting authority in-house. Construction is the largest industry class at ~48% of gross premiums written, with trucking (~12%) and logging and lumber (~8%) also significant. AMERISAFE earns money through underwriting profit and investment income. On underwriting, the company targets and has consistently achieved a combined ratio below 100% — 91.3% in FY25 — driven by disciplined risk selection, an expense ratio management argues is below the industry average, and consistent favorable prior-year reserve development. AMERISAFE also employs field safety professionals who inspect ~93% of new policyholders, and manages claims in-house with field case managers, which management views as both a loss control tool and a retention driver. On the investment side, AMERISAFE holds a ~$797M portfolio, roughly 83% in high-grade fixed income, generating a pre-tax yield of around 3.3-3.5%. AMERISAFE's growth strategy focuses on deepening penetration within its existing footprint rather than expanding into new classes or geographies. The company is capital-light and returns excess capital to shareholders primarily through special dividends.