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Amerisafe premiums rise 11% in Q2, underwriting profit falls
Net combined ratio widened to 95.4% in Q2 from 91.7% a year earlier as loss and adjustment expenses climbed 18.9%.
Amerisafe reported double digit growth in second quarter 2026 premiums, but profitability deteriorated as rising workers’ compensation loss costs offset the gains. The company said net premiums earned increased 11.4% to $77.3 million, while gross premiums written rose 7.9% to $86.0 million, supported by a 5.7% gain in voluntary premiums and $4.1 million from payroll audits.
Underwriting results weakened, with pre-tax underwriting income falling 37.9% to $3.6 million from $5.7 million in Q2 2025. Amerisafe attributed the shift to higher loss and adjustment expenses, which rose 18.9% and pushed the net combined ratio to 95.4% from 91.7% a year earlier.
For the first half of 2026, net premiums earned rose 10.2% to $152.3 million, while net income was $22.7 million, roughly flat versus $22.9 million in H1 2025. The net combined ratio for the six months came in at 94.3%, compared with 90.5% a year earlier, driven by an increase in the net loss ratio to 62.6% from 58.6%.
The insurer said the underwriting expense ratio edged up to 31.8% from 31.3%, citing higher prior period write-offs that it does not expect to recur. Amerisafe’s CEO G. Janelle Frost said the results reflected the company’s focus on profitability and capital discipline, including continued commitment to underwriting discipline, appropriate pricing, and disciplined capital management.