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Variable Interest Entities
 6 Months Ended
Jun. 30, 2012
Variable Interest Entities [Abstract]  
Variable Interest Entities

Note 9. Variable Interest Entities

In 2003, the Company formed Amerisafe Capital Trust I (“ACT I”) for the sole purpose of issuing $10.0 million in trust preferred securities. ACT I used the proceeds from the sale of these securities and the Company’s initial capital contribution to purchase $10.31 million of subordinated debt securities from the Company. In July 2011, the Company redeemed all $10.31 million of subordinated debt securities from ACT I and the trust was canceled.

In 2004, the Company formed Amerisafe Capital Trust II (“ACT II”) for the sole purpose of issuing $25.0 million in trust preferred securities. ACT II used the proceeds from the sale of these securities and the Company’s initial capital contribution to purchase $25.78 million of subordinated debt securities from the Company. The debt securities are the sole assets of ACT II, and the payments under the debt securities are the sole revenues of ACT II. In May 2012, the Company redeemed $12.89 million of the $25.78 million aggregate principal amount of subordinated debt securities. In May 2012, the Company’s Board of Directors authorized the redemption of the remaining $12.89 million principal amount of subordinated debt securities. The redemption is expected to occur in the third quarter of 2012.

The Company concluded that the equity investment in ACT II is not at risk since the subordinated debt securities issued by the Company are the sole assets of ACT II. Accordingly, ACT II is considered a variable interest entity. The Company is not considered to be the primary beneficiary of ACT II and has not consolidated this entity.