AMERISAFE INC

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. Forward-looking statements are all statements other than statements of historical facts. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to our financial performance and future events with respect to our business and the insurance industry in general. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” "could," "to be," “anticipate” and similar statements of a future or forward-looking nature identify forward-looking statements.

Forward-looking statements address matters that involve risks and uncertainties. Forward-looking statements are not guarantees of future performance. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those expressed or implied in these statements. We believe that these factors include, but are not limited to, the following:

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the cyclical nature of the workers’ compensation insurance industry;

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increased competition on the basis of types of insurance offered, premium rates, coverage availability, payment terms, claims management, safety services, policy terms, overall financial strength, financial ratings and reputation;

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changes in relationships with independent agencies (including retail and wholesale brokers and agents);

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general economic conditions, including recession, inflation, performance of financial markets, interest rates, unemployment rates, fluctuating asset values and global health pandemics;

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developments in capital markets that adversely affect the performance of our investments;

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technology breaches or failures, including those resulting from a malicious cyber attack on the Company or its policyholders and service providers;

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in the industries we target, decreased level of business activity of our policyholders caused by downturn in business activity generally;

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greater frequency or severity of claims and loss activity than our underwriting, reserving or investment practices anticipate based on historical experience or industry data;

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adverse developments in economic, competitive, judicial or regulatory conditions within the workers’ compensation insurance industry;

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loss of the services of any of our senior management or other key employees;

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changes in regulations, laws, rates, rating factors, or taxes applicable to the Company, its policyholders or the agencies that sell its insurance;

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changes in current accounting standards or new accounting standards;

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changes in legal theories of liability under our insurance policies;

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changes in rating agency policies, practices or ratings;

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changes in the availability, cost or quality of reinsurance and the failure of our reinsurers to pay claims in a timely manner or at all;

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the effects of U.S. involvement in hostilities with other countries and large-scale acts of terrorism, or the threat of hostilities or terrorist acts; and

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other risks and uncertainties described in more detail under the heading "Risk Factors" in Item 1A of this report and from time to time in the Company’s other filings with the Securities and Exchange Commission (SEC).

The foregoing factors should not be construed as exhaustive and should be read together with the other risks described in this report and other factors described under the caption "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024 and as may be further amended by subsequent filings with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Investors are cautioned that many of the assumptions upon which these forward-looking statements are based are likely to change after the date the forward-looking statements are made. We undertake no obligation to update or revise any forward-looking statements, which speak only as of the date made, notwithstanding any changes in our assumptions, actual experience or other changes that arise after the date of this report.