UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 20, 2008
AMERISAFE, INC.
(Exact Name of Registrant as Specified in Charter)
| Texas | 000-51520 | 75-2069407 | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
2301 Highway 190 West
DeRidder, Louisiana 70634
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (337) 463-9052
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 8.01. | Other Material Events. |
On June 20, 2008 AMERISAFE, Inc. (the “Company”) commuted certain reinsurance agreements with Hannover Ruckversicherungs-Aktiengesellschaft (“Hannover”), covering portions of the 2003, 2004, 2005, and 2006 accident years. Hannover remains obligated to subsidiaries of the Company under other reinsurance agreements.
The commuted agreements afforded coverage (i) in 2003 for portions of the first $5.0 million of each loss occurrence, subject to the retention of the first $2.0 million of each such loss by the Company; (ii) in 2004 for portions of the first $5.0 million of each loss occurrence, subject to the retention of the first $2.0 million of each such loss by the Company; (iii) in 2005 for portions of the first $5.0 million of each loss occurrence, subject to the retention of the first $1.0 million of each such loss by the Company; and (iv) in 2006 for portions of the first $5.0 million of each loss occurrence, subject to the retention of the first $2.0 million of each such loss by the Company. For each year coverage was also subject to applicable aggregate annual deductibles, retentions, and other limitations.
AMERISAFE received cash of approximately $7.5 million in exchange for releasing Hannover from its reinsurance obligations under the commuted agreements and settling the commuted agreements’ profit contingency provisions. As a result of the commutation, AMERISAFE will book additional pre-tax income of approximately $991 thousand in the second quarter of 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERISAFE, INC. | ||
| By: | /s/ Todd Walker | |
Todd Walker, Executive Vice President, General Counsel and Secretary | ||
Date: June 26, 2008