DERIDDER, La., /PRNewswire/ — AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of high hazard workers’ compensation insurance, today announced that A.M. Best Company upgraded AMERISAFE’s financial strength rating to A (Excellent) with a stable outlook from A- (Excellent) with a positive outlook. This rating and outlook applies to AMERISAFE and its wholly owned insurance subsidiaries: American Interstate Insurance Company, Silver Oak Casualty, Inc. and American Interstate Insurance Company of Texas.
In today’s announcement A.M. Best stated “The rating reflects the group’s excellent capitalization, strong operating profitability which has outperformed the peer composite over the long term, and the group’s established market presence and experience operating as a workers’ compensation market for high hazard risks.”
AMERISAFE’s Chairman and Chief Executive Officer Allen Bradley stated “The dedication and hard work of the insurance professionals of AMERISAFE are affirmed by the upgrade from A.M. Best today. This accomplishment is even more appreciated during these difficult financial times in the workers’ compensation industry. Despite these difficult conditions, AMERISAFE has produced superior shareholder returns through careful risk selection, disciplined pricing, diligent claims management and prudent investment strategies.”
An A.M. Best rating of A (Excellent) is the third highest of 15 rating levels. A.M. Best ratings are directed toward the concerns of policyholders and insurance agencies and are not intended for the protection of investors or as a recommendation to buy, hold or sell securities.