Skip to main content JMP Midwest Marketing Visits – Amerisafe Inc Investor Presentation | Shale Experts
Loading...
Database
Slide Database

JMP Midwest Marketing Visits – Amerisafe Inc

Amerisafe Inc · Jun 16, 2014 · 21 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. JMP Midwest Marketing Visits – Amerisafe Inc – slide 1
    JMP Midwest Marketing Visits June 16-17, 2014 C. Allen Bradley, Jr. Michael F. Grasher Chairman & Chief Executive Officer Chief Financial Officer
  2. JMP Midwest Marketing Visits – Amerisafe Inc – slide 2
    Overview AMERISAFE has a 28-year operating history as a specialty provider of workers compensation insurance for small to mid-sized employers engaged in high hazard industries Premium Distribution by State 2013 Highlights GPW up…
  3. JMP Midwest Marketing Visits – Amerisafe Inc – slide 3
    Premium Distribution Historical Premium Distribution Premium Distribution by Industry as of 12/31/13 of Major Industry Groups (in millions) Maritime Mftg 7.3% 2.9% 2012 Construction 200 41.2% Oil and Gas 4.8% 150 100 Other…
  4. JMP Midwest Marketing Visits – Amerisafe Inc – slide 4
    Pillars of Distinction AMSF High Hazard Small to Mid- High Hazard Comprehensive Intensive Claims Niche Focus Size Underwriting Safety Services Management Employer Expertise Rate more Focus Field Safety Field Case than 3x Industry-…
  5. JMP Midwest Marketing Visits – Amerisafe Inc – slide 5
    Amerisafe Customer Overview Competition is fragmented, and favors multi-state writers of small to mid-sized employers Intensity of Competition Large Large Competitors (major national firms); Annual Represents 8% of AMSF…
  6. JMP Midwest Marketing Visits – Amerisafe Inc – slide 6
    Pricing for Profitability Loss costs (LC) estimated loss/100 payroll approved by state regulator Loss cost multiplier (LCM) multiplier applied to loss costs to cover company expenses above loss costs Effective loss cost multiplier…
  7. JMP Midwest Marketing Visits – Amerisafe Inc – slide 7
    Combined Ratio 104.2% 100.4% 99.5% 97.5% 100.0% 92.4% 92.5% 90.0% 92.7% 24.7% 85.9% 86.2% 24.8% 80.9% 24.2% 21.1% 80.0% 20.2% 20.6% 23.9% 23.8% 21.3% 20.8% 18.8% 60.0% 40.0% 74.2% 79.5% 71.9% 75.6% 74.3% 66.6% 64.7% 65.1%…
  8. JMP Midwest Marketing Visits – Amerisafe Inc – slide 8
    Economic Model - ROE Drivers 1Q2014 Loss Ratio 68.7% + Expense Ratio 23.9% Imperative to execute + Policyholder Dividend Ratio 0.1% on the fundamentals of = underwriting, safety and Combined Ratio 92.7% claims Underwriting…
  9. JMP Midwest Marketing Visits – Amerisafe Inc – slide 9
    Investment Portfolio Value of Fixed-Maturity Securities Portfolio Allocation (as of 3/31/2014) Classified as Held-to-Maturity (as of 3/31/2014) Municipals Short-term 51.1% Book Value Fair Value Unrealized investments Investment…
  10. JMP Midwest Marketing Visits – Amerisafe Inc – slide 10
    Capital Management Goal: Maintain and Balance Hold prudent capital levels to maintain A.M. Best financial strength rating of A, yet achieve attractive returns for shareholders History of Proactive Capital Management 62M of…
  11. JMP Midwest Marketing Visits – Amerisafe Inc – slide 11
    Historical Financial Performance 60.0% 22.41 22.54 24.00 20.88 50.0% 19.33 21.00 17.99 16.20 18.00 40.0% 11.73 13.99 15.00 9.23 30.0% 12.00 12.0% 14.4% 20.0% 7.42 9.00 15.3% 9.5% 6.7% 6.00 10.0% 21.2% 21.5% 8.2% 6.5%…
  12. JMP Midwest Marketing Visits – Amerisafe Inc – slide 12
    Current Workers Compensation Market Conditions 13
  13. JMP Midwest Marketing Visits – Amerisafe Inc – slide 13
    WC Industry Combined Ratio 130% 400 372.2 345.0 120% 328.8 350 332.5 327.8 307.8 290.9 110% 300 264.9 256.5 272.1 228.4 100% 250 223.6 204.8 122% 118% 117% 117% 90% 185.0 200 111% 111% 110% 110% 107%…
  14. JMP Midwest Marketing Visits – Amerisafe Inc – slide 14
    Workers Comp Rate Changes, 2008:Q4 2014:Q1 WC rate changes have been positive for 11 consecutive quarters, longer than any other commercial line Source: The Council of Insurance Agents and Brokers. 15
  15. JMP Midwest Marketing Visits – Amerisafe Inc – slide 15
    WC Insurance Rate Changes Source: The Council of Insurance Agents & Brokers. Chart prepared by Barclays Research. 16
  16. JMP Midwest Marketing Visits – Amerisafe Inc – slide 16
    Residual Market Results *Premium volume shown is net of uncollectible premium for all states and net of premium ceded for the cost of excess reinsurance for AK and NM. Source: National Council of Compensation Insurance, Inc. 17
  17. JMP Midwest Marketing Visits – Amerisafe Inc – slide 17
    Reduction in Combined Ratio Necessary to Offset 1% Decline in Investment Yield to Maintain Constant ROE, by Line* Lower Investment Earnings Place a Greater Burden on Underwriting and Pricing Discipline *Based on 2008 Invested…
  18. JMP Midwest Marketing Visits – Amerisafe Inc – slide 18
    Appendix 19
  19. JMP Midwest Marketing Visits – Amerisafe Inc – slide 19
    Nasdaq: AMSF Market Statistics: Stock Price 37.49 52 week range 31.66 - 45.95 Shares Outstanding 18.7 M Market Cap 695 M Book Value per Share 22.54 Price-to-Book 1.66 Market data as of May 12, 2014; Financial data as of…
  20. JMP Midwest Marketing Visits – Amerisafe Inc – slide 20
    Selected Balance Sheet Data (in thousands) 1Q2014 2013 2012 Investments, Cash and cash equivalents 1,023,194 1,001,852 900,792 Amounts recoverable from reinsurers 78,275 75,326 101,352 Premiums receivable, net 192,964 171,579…
  21. JMP Midwest Marketing Visits – Amerisafe Inc – slide 21
    Income Statement (in thousands) 1Q2014 2013 2012 Revenues: Gross premiums written 105,703 372,177 328,823 Ceded premiums written (3,339) (18,425) (16,305) Net premiums written 102,364 353,752 312,518 Net premiums earned 89,233…

From the store

Browse maps, data & reports in the Shale Experts store