Schedule II. Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2019

AMERISAFE, INC.

CONDENSED BALANCE SHEETS

	December 31,
	2019		2018
	(in thousands)
Assets:
Investments:
Fixed maturity securities—available-for-sale, at fair value (amortized cost $7,210 and $0, in 2019 and 2018, respectively)	$	7,216	$	—
Equity securities, at fair value (cost $10,007 in 2019 and 2018)		11,779		9,803
Short-term investments		17,967		—
Investment in subsidiaries		379,001		388,797
Total investments		415,963		398,600
Cash and cash equivalents		10,551		5,509
Deferred income taxes		—		509
Notes receivable from subsidiaries		2,781		3,270
Property and equipment, net		1,720		1,536
Federal income tax recoverable		2,798		2,995
Other assets		804		800
Total assets	$	434,617	$	413,219
Liabilities and shareholders’ equity
Liabilities:
Accounts payable and other liabilities		4,230		3,457
Deferred income taxes		172		—
Total liabilities		4,402		3,457
Shareholders' equity (net of Treasury stock of $22,370 at December 31, 2019 and 2018)		430,215		409,762
Total liabilities and shareholders' equity	$	434,617	$	413,219

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

AMERISAFE, INC.

CONDENSED STATEMENTS OF INCOME

	Year Ended December 31,
	2019			2018			2017
	(in thousands)
Revenues
Net investment income	$	915		$	1,089		$	679
Net unrealized gains (losses) on equity securities		1,977			(948	)		—
Fee and other income		5,352			7,389			6,890
Total revenues		8,244			7,530			7,569
Expenses
Other operating costs		8,244			7,530			7,569
Total expenses		8,244			7,530			7,569
Income (loss) before income taxes and equity in earnings of subsidiaries		—			—			—
Income tax expense (benefit)		376			(36	)		125
Gain (loss) before equity in earnings of subsidiaries		(376	)		36			(125	)
Equity in net income of subsidiaries		93,066			71,596			46,356
Net income	$	92,690		$	71,632		$	46,231

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

AMERISAFE, INC.

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2019			2018			2017
	(in thousands)
Operating activities
Net cash provided by operating activities	$	2,333		$	2,448		$	15,138
Investing activities
Purchases of investments		(27,140	)		(47,825	)		(37,361	)
Proceeds from sales of investments		1,987			54,600			33,000
Purchases of property and equipment		(995	)		(1,041	)		(277	)
Dividends from subsidiary		115,900			65,400			78,900
Net cash provided by investing activities		89,752			71,134			74,262
Financing activities
Proceeds from stock option exercises		20			67			—
Finance lease purchases		(47	)		—			—
Dividends to shareholders		(87,016	)		(84,491	)		(82,645	)
Net cash used in financing activities		(87,043	)		(84,424	)		(82,645	)
Change in cash and cash equivalents		5,042			(10,842	)		6,755
Cash and cash equivalents at beginning of year		5,509			16,351			9,596
Cash and cash equivalents at end of year	$	10,551		$	5,509		$	16,351