XML 41 R30.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Schedule II. Condensed Financial Information of Registrant | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Schedule II. Condensed Financial Information of Registrant | Schedule II. Condensed Financ ial Information of Registrant AMERISAFE, INC. CONDENSED BALANCE SHEETS
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Assets: |  |  |  |  |  |
Investments: |  |  |  |  |  |
Fixed maturity securities—available-for-sale, at fair value (amortized cost $24,309 and $19,824 in 2023 and 2022, respectively) |  | $ | 24,283 |  |  | $ | 19,470 |
Equity securities, at fair value (cost $7,108 and $10,007 in 2023 and 2022, respectively) |  |  | 9,857 |  |  |  | 13,602 |
Short-term investments |  |  | — |  |  |  | 10,145 |
Investment in subsidiaries |  |  | 249,159 |  |  |  | 239,664 |
Total investments |  |  | 283,299 |  |  |  | 282,881 |
Cash and cash equivalents |  |  | 6,635 |  |  |  | 31,911 |
Deferred income taxes |  |  | 880 |  |  |  | 982 |
Notes receivable from subsidiaries |  |  | 1,925 |  |  |  | 1,855 |
Property and equipment, net |  |  | 1,933 |  |  |  | 2,736 |
Federal income tax recoverable |  |  | 784 |  |  |  | 543 |
Other assets |  |  | 1,099 |  |  |  | 1,752 |
Total assets |  | $ | 296,555 |  |  | $ | 322,660 |
Liabilities and shareholders’ equity |  |  |  |  |  |
Liabilities: |  |  |  |  |  |
Accounts payable and other liabilities |  |  | 4,104 |  |  |  | 5,228 |
Total liabilities |  |  | 4,104 |  |  |  | 5,228 |
Shareholders' equity (net of Treasury stock of $36,929 and $34,758 at December 31, 2023 and 2022, respectively) |  |  | 292,451 |  |  |  | 317,432 |
Total liabilities and shareholders' equity |  | $ | 296,555 |  |  | $ | 322,660 |
Schedule II. Condensed Financial Information of Registrant – (Continued) AMERISAFE, INC. CONDENSED STATEMENTS OF INCOME
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |
Net investment income |  | $ | 4,861 |  |  | $ | 2,395 |  |  | $ | 896 |
Net unrealized gains (losses) on equity securities |  |  | (845 | ) |  |  | (490 | ) |  |  | 2,590 |
Fee and other income |  |  | 8,933 |  |  |  | 9,533 |  |  |  | 8,541 |
Total revenues |  |  | 12,949 |  |  |  | 11,438 |  |  |  | 12,027 |
Expenses |  |  |  |  |  |  |  |  |
Other operating costs |  |  | 8,932 |  |  |  | 9,533 |  |  |  | 8,541 |
Total expenses |  |  | 8,932 |  |  |  | 9,533 |  |  |  | 8,541 |
Income before income taxes and equity in earnings of subsidiaries |  |  | 4,017 |  |  |  | 1,905 |  |  |  | 3,486 |
Income tax expense (benefit) |  |  | 1,055 |  |  |  | 714 |  |  |  | (1,188 | )
Gain before equity in earnings of subsidiaries |  |  | 2,962 |  |  |  | 1,191 |  |  |  | 4,674 |
Equity in net income of subsidiaries |  |  | 59,146 |  |  |  | 54,411 |  |  |  | 61,083 |
Net income |  | $ | 62,108 |  |  | $ | 55,602 |  |  | $ | 65,757 |
Schedule II. Condensed Financial Information of Registrant – (Continued) AMERISAFE, INC. CONDENSED STATEMENTS OF CASH FLOWS
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Operating activities |  |  |  |  |  |  |  |  |
Net cash provided by operating activities |  | $ | 5,591 |  |  | $ | 6,121 |  |  | $ | 6,622 |
Investing activities |  |  |  |  |  |  |  |  |
Purchases of investments |  |  | (24,885 | ) |  |  | (31,909 | ) |  |  | (87,289 | )
Proceeds from sales of investments |  |  | 35,013 |  |  |  | 75,950 |  |  |  | 28,780 |
Purchases of property and equipment |  |  | (482 | ) |  |  | (1,903 | ) |  |  | (1,277 | )
Dividends from subsidiary |  |  | 56,000 |  |  |  | 77,700 |  |  |  | 148,400 |
Net cash provided by investing activities |  |  | 65,646 |  |  |  | 119,838 |  |  |  | 88,614 |
Financing activities |  |  |  |  |  |  |  |  |
Finance lease purchases |  |  | (91 | ) |  |  | (58 | ) |  |  | (44 | )
Share-based compensation related tax withholding |  |  | (944 | ) |  |  | — |  |  |  | — |
Purchase of treasury stock |  |  | (2,171 | ) |  |  | (12,388 | ) |  |  | — |
Dividends to shareholders |  |  | (93,307 | ) |  |  | (100,427 | ) |  |  | (99,929 | )
Net cash used in financing activities |  |  | (96,513 | ) |  |  | (112,873 | ) |  |  | (99,973 | )
Change in cash and cash equivalents |  |  | (25,276 | ) |  |  | 13,086 |  |  |  | (4,737 | )
Cash and cash equivalents at beginning of year |  |  | 31,911 |  |  |  | 18,825 |  |  |  | 23,562 |
Cash and cash equivalents at end of year |  | $ | 6,635 |  |  | $ | 31,911 |  |  | $ | 18,825 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration