AMERISAFE INVESTOR PRESENTATION

Fourth Quarter 2022

AndyG. JanelleOmiridisFro t

Chief FinancialExecut veOfficerO ficer

THE PREMIER WORKERS' COMPENSATION SPECIALIST

FORWARD LOOKING STATEMENTS

Statements made in this press release that are not historical facts, including statements accompanied by words such as "will," "believe," "anticipate," "expect," "estimate," or similar words are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding AMERISAFE's plans and performance. These statements are based on management's estimates, assumptions and projections as of the date of this release and are not guarantees of future performance and include statements regarding management's views and expectations of the workers' compensation market, the Company's growth opportunities, underwriting margins and actions by competitors. Actual results may differ materially from the results expressed or implied in these statements if the underlying assumptions prove to be incorrect or as the results of risks, uncertainties and other factors, including the impact of a pandemic on the business and operations of the Company and our policyholders and the market value of our investment portfolio. Additional factors that may affect our results are set forth in the Company's filings with the Securities and Exchange Commission, including AMERISAFE's Annual Report on Form 10-K. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this release. AMERISAFE does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

2

OVERVIEW

AMERISAFE has a 37-year operating history as a specialty provider of workers' compensation insurance for small to mid-sized employers engaged in high hazard industries.

Company Highlights

Ticker / Exchange

AMSF / Nasdaq

Headquarters

DeRidder, LA

Stock Price

$52.38

Annual Dividend / Yield

$1.36 / 2.6%

Market Cap

$1.0 B

Average Combined Ratio / ROE*

85.9% / 15.5%

Annual Net Premiums Earned (TTM)

$272 M

Employees - 2022

366

Annual Shareholder Total Return*

14.5%

  • Market data as of April 19, 2023; Financial data as of December 31, 2022 *2006 - 2022

2022 Premium Distribution by State

AMERISAFE actively markets insurance in 27 states

PILLARS OF DISTINCTION

HIGH HAZARD NICHE FOCUS

  • Rate more than 3x national average
  • Difficult to serve industry sub- segments
  • Mobile workforce- non-fixed workplace environment
  • Less impacted by soft market cycles

SMALL TO MID- SIZE EMPLOYER FOCUS

  • Less competition
  • Less price sensitivity
  • More difficult to serve
  • Higher client retention
  • Requires expense management/ operational efficiency

HIGH HAZARD

UNDERWRITING

EXPERTISE

  • Industry-specificrisk analysis tools
  • Underwriters' knowledge of industry practices
  • No MGA's / MGU's
  • Track record of pricing discipline
  • Underwriter bonus tied directly to underwriting profitability

COMPREHENSIVE SAFETY SERVICES

  • Field Safety Professionals (FSPs) maintain in-depth knowledge of high hazard industries
  • Pre-quotation,worksite safety inspection performed on over 90% of new accounts
  • FSPs geographically dispersed
  • FSPs bonus tied directly to underwriting profitability

INTENSIVE CLAIMS

MANAGEMENT

  • Field Case Managers (FCMs) located in service areas
  • Low case load of less than 50 claims per
    FCM
  • Higher severity losses require unique claims handling skills and processes
  • FCMs focus on timely resolution of claims

4

HIGH HAZARD NICHE

  • The difference between chance and risk is knowledge. The more you know, the less risk you take."
    -Millard Morris, Founder

2022 Premiums by Hazard Group

50%

High Hazard

40%

86% of premiums vs.

30%

49% industry average

20%

10%

0%

A

B

C

D

E

F

G

AMERISAFE

Workers' Compensation Industry Average*

86% in Hazard

Groups E-G

Higher Risk

Lower Risk

14% in Hazard

Groups A-D

2022 Premiums by Hazard Group

  • B

0.0%

1.0%

C

G

7.1%

18.4%

D

5.9%

E

25.7%

F

42.4%

  • *2020 NCCI Hazard Group data

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Disclaimer

Amerisafe Inc. published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 May 2023 13:56:26 UTC.