Q3 2024 Amerisafe Inc Earnings Call Transcript
Key Points
- AMERISAFE Inc (AMSF) reported a significant increase in premium growth, with an 8.8% rise over the previous year's third quarter.
- The company declared a special dividend of $3 per share, reflecting its commitment to shareholder returns.
- AMERISAFE Inc (AMSF) maintained a strong renewal retention rate of 93.6%, contributing to higher in-force policy count and gross written premium growth of 5.8%.
- The company experienced favorable development on prior accident years, with $80.5 million stemming from favorable case development.
- AMERISAFE Inc (AMSF) reported a decrease in total underwriting and other expenses, resulting in an improved expense ratio of 31.7% compared to 33.6% in the prior year.
- The contribution of audit premiums to overall premiums is moderating compared to the same period last year.
- Net investment income decreased by 7.6% due to a reduced portfolio size, despite increased reinvestment rates.
- The company faces ongoing competitive pressures in the workers' compensation market, driven by declining rates.
- Medical inflation and the viability of current fee schedules pose potential threats to loss trends in the industry.
- Despite efforts to engage agents and improve underwriting efficiency, the competitive market environment remains challenging.
Good day, and welcome to the AMERISAFE's third-quarter 2024 earnings conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Kathryn Shirley, Chief Administrative Officer. Please go ahead.
Good morning. Welcome to the AMERISAFE's 2024 third-quarter investor call. If you have not received the earnings release, it is available on our website at amerisafe.com. This call is being recorded. A replay of today's call will be available.
Details on how to access the replay are in the earnings release. During this call, we will be making forward-looking statements. These statements are based on current expectations and assumptions that are subject to various risks and uncertainties.
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
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