AMERISAFE, Inc. (AMSF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to the AmeriSafe fourth quarter 2025 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Katherine Shirley. Please go ahead, ma'am. Thank you, operator, and good morning, everyone. Welcome to the AmeriSafe 2025 fourth 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 intended to fall within the safe harbor provided by the securities laws. 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 a result of risk, uncertainties, and other factors, including factors discussed in the earnings release, in the comments made during today's call, and in the risk factors section of our Form 10-K, Form 10-Qs, and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements. I will now turn the call over to Janelle Frost, AmeriSafe's President and CEO. Thank you, Catherine. Good morning, everyone. We are pleased to close out 2025 with a strong ROE of 18.5% and a combined ratio of 91.3%. These returns are hard fought in a competitive environment. We are in a prolonged soft market with workers' compensation carriers facing 12 consecutive years of rate decline. Under those constraints, understanding risk, pricing them appropriately, and managing...