 Sidoti & Company, LLC NY Emerging Growth Institutional Investor Conference II October 28, 2008 Geoffrey R. Banta EVP & Chief Financial Officer Janelle Frost Vice President, Controller Exhibit 99.1 |
 2 Forward Looking Statements Statements made in this presentation that are not historical facts, including statements accompanied by words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” “preliminary,” 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 presentation and are not guarantees of future performanc e. Actual results may differ materially from the results expressed or implied in these statements as the result of risks, uncertainties, and other factors, including the factors set forth in the Company’s filings with the Securities and Exchange Commission, including in Item 1A “Risk Factors” in AMERISAFE’s Annual Report on Form 10-K for the year ended December 31, 2007. AMERISAFE cautions you not to place undue reliance on the forward- looking statements contained in this presentation. 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 presentation. |
 3 Overview Specialty provider of workers’ compensation insurance Workers’ compensation insurance is statutorily required coverage and includes Medical expenses Temporary or permanent disability benefits Death benefits Focus on small to mid-sized employers engaged in hazardous industries Principally construction, trucking, logging, agriculture, oil and gas, maritime and sawmills As of 6/30/08, over 7,400 voluntary policyholders with an average annual premium of more than $37,500 per policy Distribution network of both independent agents and captive agency $328 MM in gross premiums written in twelve months ended 12/31/07 At 6/30/08, net combined ratio of 86.3% and ROE of 20.3% A.M. Best “A-” (Excellent) rating, Financial Size Category of VIII |
 4 Other 14.3% Construction 41.7% Logging 5.3% Trucking 22.3% Agriculture 4.8% Maritime 2.6% Oil & Gas 3.8% Sawmills 1.6% Assigned Risk 2.3% Assumed Pool 1.3% Focus on Hazardous Industries Employers in hazardous industries pay substantially higher workers’ comp rates Our 2007 average premium rate per $100 of payroll is much higher than the national average Nature of work performed and inherent workplace danger of our target employers Less frequent but more severe claims Hazardous industries provide greatest opportunity for underwriting risk selection and use of safety services Estimated hazardous comp market size of over $15 B for the class codes we write Underserved market with barriers to entry Premium Distribution by Industry as of 12/31/07 |
   5 Geographically Diverse Book of Business No state represents more than 11% of gross premiums written as of 12/31/07 Market share did not exceed 5% in any state through 12/31/07 Due to nature of our policyholders’ businesses, we have minimal terrorism exposure Competition is fragmented Distribution by State of Gross Premiums Written as of 12/31/07 MN 3.8% DE 1.8% DC 0.2% MD 2.0% IL 5.2% IN 2.1% PA 4.7% WI 3.4% IA 0.8% AR 2.9% LA 10.6% TX 4.1% OK 4.9% KS 1.6% GA 9.9% FL 4.6% AL 2.1% MS 4.6% MO 2.2% TN 3.9% SC 4.8% KY 0.9% VA 5.8% NC 9.5% NV 0.1% Greater than 5% 5% or less AK 3.5% MN 3.8% DE 1.8% DC 0.2% MD 2.0% IL 5.2% IN 2.1% PA 4.7% WI 3.4% IA 0.8% AR 2.9% LA 10.6% TX 4.1% OK 4.9% KS 1.6% GA 9.9% FL 4.6% AL 2.1% MS 4.6% MO 2.2% TN 3.9% SC 4.8% KY 0.9% VA 5.8% NC 9.5% NV 0.1% Greater than 5% 5% or less AK 3.5% |
 6 Risk Selection – Underwriting & Safety Underwriting authority not delegated to agents Industry-specific risk analysis and rating tools developed over 22 years of underwriting history Underwriter bonuses tied to actual loss ratios as developed over 30 months Experienced underwriters most focused on hazardous industries Our Field Safety Professionals (“FSPs”) work from mobile locations and visit employer worksites In-depth knowledge of insureds’ industry practices and loss exposures More than 90% of new voluntary policyholders subject to pre- quotation, worksite safety inspection as of 12/31/07 FSP’s bonus tied to actual loss ratios as developed over 33 months |
 7 High-Touch Service Model - Claims & Premium Audit Field Case Managers (“FCMs”) located throughout the markets Approximately 53 open indemnity claims per FCM as of 12/31/2007 Utilize a full complement of medical cost containment tools 99% of our pre-2006 reported claims were closed as of 12/31/2007 We believe our claims management practices allow us to: Accelerate an employee’s return to work Lessen the likelihood of litigation and more rapidly close claims Achieve more favorable outcome and lower overall costs Field Audit Professionals perform annual premium audits on expired voluntary policies, most performed at insured’s facilities Selective interim premium audits on policies with certain classes of business or unusual claims activity On-line reporting of premium and payment options Monthly reporting of premium closely matches client’s activities and cash flow Security deposit at policy inception offsets losses from non-payment of premium |
 8 Underwriting Environment - Loss Cost Trends DE -17.8% DC -14.4% MD -1.7% TX -7.7% NV -10.5% CO -8.8% KS 5.6% OK 7.2% MN -2.6% IA -0.3% MO -10.1% AR -12.8% LA -8.6% MS -4.7% IL 1.6% IN -0.2% VA 2.5% PA -10.2% AL -9.5% GA 3.2% TN -3.1% KY -5.1% NC 1.6% SC 9.8% FL -18.4% AK -10.9% NOTE: The effective dates of the filings in these states range from 01/08 to 11/08 Loss Cost Decreases Loss Cost Increases WI -2.5% DE -17.8% DC -14.4% MD -1.7% TX -7.7% NV -10.5% CO -8.8% KS 5.6% OK 7.2% MN -2.6% IA -0.3% MO -10.1% AR -12.8% LA -8.6% MS -4.7% IL 1.6% IN -0.2% VA 2.5% PA -10.2% AL -9.5% GA 3.2% TN -3.1% KY -5.1% NC 1.6% SC 9.8% FL -18.4% AK -10.9% NOTE: The effective dates of the filings in these states range from 01/08 to 11/08 Loss Cost Decreases Loss Cost Increases WI -2.5% |
 9 Underwriting Environment - AMSF Pricing Trends Most states set expected costs of medical and indemnity benefits (“loss costs”); we then apply a state filed loss cost multiplier (“LCM”) Even under increasingly competitive market, we remain focused on pricing discipline Policy Year Effective LCM 1.45 1.47 1.51 1.37 1.43 1.54 1.56 1.53 1.14 1.10 1.15 1.20 1.25 1.30 1.35 1.40 1.45 1.50 1.55 1.60 2001 2002 2003 2004 2005 2006 2007 2Q 08 1Q 08 |
  10 Scalable Infrastructure Investments in technology have enhanced our ability to select risk, write profitable business, and cost-effectively administer our billing, claims, and audit functions. Net Underwriting Expense Ratio $167.0 $204.8 $185.1 $223.6 $265.0 $290.9 $332.5 $327.8 24.7% 19.6% 21.3% 23.8% 24.8% 27.3% 32.1% 29.7% 15.0% 17.0% 19.0% 21.0% 23.0% 25.0% 27.0% 29.0% 31.0% 33.0% 2001 2002 2003 2004 2005 2006 2007 06/08 $0 $50 $100 $150 $200 $250 $300 Gross Premiums Written Net Underwriting Expense Ratio |
 11 Strong Financial Performance Consistent returns over the last eleven quarters 2007 Operating ROE of 24.1%¹ 2Q08 Operating ROE of 20.6%¹ $7.42 $7.86 $8.18 $8.64 $10.25 $10.84 $12.13 $12.71 $9.23 $11.66 $9.65 20.6% 22.8% 17.9% 17.1% 20.0% 22.3% 33.0% 24.6% 19.3% 17.9% 15.8% $5.00 $5.50 $6.00 $6.50 $7.00 $7.50 $8.00 $8.50 $9.00 $9.50 $10.00 $10.50 $11.00 $11.50 $12.00 $12.50 $13.00 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 15% 18% 20% 23% 25% 28% 30% 33% 35% BVPS Operating ROE (%) Oper Inc.¹ $4.7 M $6.4 M $7.0 M 1. Excludes after-tax effect of net realized gains on investments using effective tax rate (35%). $8.0 M $11.0 M $8.4 M $11.3 M $11.8 M $18.6 M $11.9 M $12.8 M |
 12 Return on Equity Drivers Quarter Ending 6/30/2008 Loss Ratio 65.6% + Expense Ratio 19.6% + Policyholder Dividend Ratio 0.2% = Combined Ratio 85.4% Underwriting Profit 14.6% x Operating Leverage 1.16 = ROE from Underwriting 17.0% Pre-tax Investment Yield 3.8% x Investment Leverage 3.10 = ROE from Investing 11.9% ROE from Other Income (Expense) -0.6% Pre-tax ROE (tax-equivalent basis) 28.3% Effective Tax Rate 27.1% After-tax Return on Fully Converted Equity 20.6% |
 13 Income Statement As of As of 2007 30-Jun-07 30-Jun-08 Revenues: Gross premiums written $327,761 $184,775 $166,972 Ceded premiums written (20,215) (9,860) (9,456) Net premiums written $307,546 $174,915 $157,516 Net premiums earned $306,906 $152,987 $146,443 Net investment income 30,208 14,358 15,222 Net realized gains on investments 147 36 61 Fee and other income 1,058 277 370 Total revenues 338,319 167,658 162,096 Expenses: Loss and loss adjustment expenses incurred 198,531 105,706 97,245 Underwriting and other operating costs 65,515 31,987 28,663 Interest expense 3,545 1,764 1,426 Policyholder dividends (367) 687 438 Total expenses 267,224 140,144 127,772 Income before taxes 71,095 27,514 34,324 Income tax expense 20,876 7,734 9,574 Net income $50,219 $19,780 $24,750 Net Operating Ratios: Loss ratio 64.7% 69.1% 66.4% Underwriting ratio 21.3% 20.9% 19.6% Dividend ratio (0.1)% 0.4% 0.3% Combined ratio 85.9% 90.4% 86.3% |
 14 Selected Balance Sheet Data As of As of As of 31-Dec-06 31-Dec-07 30-Jun-08 Investments, Cash and Cash Equivalents 665,528 759,074 768,732 Amounts Recoverable from Reinsurers 109,603 76,915 69,500 Premiums Receivable, Net and Accrued Interest Receivable 150,305 159,229 180,472 Deferred Policy Acquisition Costs 18,486 18,414 20,781 Deferred Income Taxes 29,466 26,418 30,948 Total Assets 994,146 1,061,853 1,105,297 Reserves for Loss & LAE 519,178 537,403 546,122 Unearned Premiums Reserve 137,761 138,402 149,475 Insurance Related Assessments 40,886 42,234 44,639 Subordinated Debt Securities 36,090 36,090 36,090 Redeemable Preferred Stock 25,000 25,000 25,000 Shareholders' Equity 158,784 208,570 229,842 Metrics Tangible Book Value Per Share 1 $9.24 $11.66 $12.71 Debt to Capital 1 16.4 % 14.3 % 12.4 % 1 Includes redeemable preferred stock. |
 15 Investment Portfolio Mix at June 30, 2008 Investment Portfolio - Profile Carrying value of cash and investments was $769 MM at June 30, 2008 Average composite rating of AA+ (incl. effect of latest downgrades of Ambac and MBIA) Commercial Mortgage- Backed Securities 6.7% Municipals 60.5% U.S. Treasuries / Agencies 5.2% Corporates 2.1% Backed Securities 12.0% Asset-Backed Securities 1.9% Cash & Cash Equivalents 7.0% Equities 4.6% |
 16 Portfolio Quality Issues Subprimes constituted less than 1.6% of our total portfolio We held no preferred stock of any kind We held no i-bank stock or debt We held no stock or debt in AIG, Wachovia or WaMu We held no stock in Fannie or Freddie As of6/30/08 . . . |
 17 Investment Opportunity Niche focus on small to midsized employers engaged in hazardous industries Strong operating cash flows and operational leverage Specialized underwriting expertise developed over 22-year history Efficient expense structure and scalable business model Comparatively high investment leverage |