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AMERISAFE Announces 2012 Fourth Quarter And Year-End Results

DERIDDER, La., Feb. 27, 2013 (GLOBE NEWSWIRE) -- AMERISAFE, Inc. (Nasdaq:AMSF), a specialty provider of hazardous workers' compensation insurance, today announced results for the fourth quarter and year ended December 31, 2012.

  Three Months Ended December 31, Twelve Months Ended December 31,
  2012 2011 % Change 2012 2011 % Change
  (in thousands, except per share data)
Net premiums earned $ 78,741 $ 66,211  18.9% $ 290,689 $ 251,015  15.8%
Net investment income  6,698  6,702  (0.1)%  27,018  26,340  2.6%
Net realized gains on investments (pre-tax)  66  1,468  (95.5)%  2,979  2,228  33.7%
Net income  9,226  8,073  14.3%  29,353  24,181  21.4%
Diluted earnings per share $ 0.50 $ 0.44  13.6% $ 1.58 $ 1.29  22.5%
Operating net income  9,183  5,943  54.5%  27,417  21,291  28.8%
Operating earnings per share $ 0.49 $ 0.32  53.1% $ 1.48 $ 1.14  29.8%
Book value per share $ 20.88 $ 19.25  8.5% $ 20.88 $ 19.25  8.5%
Net combined ratio  92.6%  98.4%    97.5%  100.4%  
Return on average equity  9.8%  9.4%    8.0%  7.1%  

Commenting on these results, Allen Bradley, AMERISAFE's Chairman and Chief Executive Officer, stated, "The workers' compensation marketplace continues to harden. Loss costs and rate increases, coupled with a lessened underwriting appetite for workers' compensation accounts by many carriers, continues to provide AMERISAFE with the opportunity to increase premium volume with higher pricing and better expected margins."

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