Earnings release
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Exhibit 99.1 Guillermo A. Ramos EVP & CFO AMERISAFE 337.463.9052 AMERISAFE ANNOUNCES 2026 THIRD QUARTER RESULTS Reports 3.0% Growth in Net Premiums Earned DeRidder, LA – October 28, 2026 – AMERISAFE, Inc. (Nasdaq: AMSF), a specialty provider of workers’ compensation insurance focused on high-hazard industries, today announced results for the third quarter ended September 30, 2026. Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 % Change 2026 2025 % Change (in thousands, except pershare data) (in thousands, except pershare data) Gross premiums written $76,673 $80,321 -4.5% $251,141 $243,809 3.0% Net premiums earned 73,321 71,196 3.0% 225,666 209,462 7.7% Net investment income 6,605 6,566 0.6% 19,730 19,909 -0.9% Net realized (losses) gains on investments (pre-tax) (54) — NM (144) 3,118 NM Net unrealized (losses) gains on equity securities (pre-tax) (193) 4,117 NM 6,267 2,794 NM Net income 7,196 13,818 -47.9% 29,936 36,722 -18.5% Diluted earnings per share $ 0.39 $ 0.72 -45.8% $ 1.60 $ 1.92 -16.7% Operating net income 7,391 10,566 -30.0% 25,099 32,052 -21.7% Operating earnings per share $ 0.40 $ 0.55 -27.3% $ 1.34 $ 1.68 -20.2% Book value per share $ 12.80 $ 14.47 -11.5% $ 12.80 $ 14.47 -11.5% Net combined ratio 96.5% 90.6% 95.0% 90.5% Return on average equity 11.8% 20.5% 16.3% 18.4% G. Janelle Frost, President and Chief Executive Officer, commented, “Third-quarter results reflected an increasingly competitive workers’ compensation market, softer audit premium, and higher expenses that weighed on our net combined ratio. At the same time, we maintained disciplined pricing, delivered favorable prior-year loss reserve development and saw encouraging improvement in new business activity late in the quarter. As we move forward, we remain focused on sustaining that momentum, while continuing to apply the underwriting discipline, proactive claims management and specialized safety expertise that underpin AMERISAFE’s long-term value.”
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INSURANCE RESULTS Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 % Change 2026 2025 % Change (in thousands) (in thousands) Gross premiums written $76,673 $80,321 -4.5% $251,141 $243,809 3.0% Net premiums earned 73,321 71,196 3.0% 225,666 209,462 7.7% Loss and loss adjustment expenses incurred 45,913 41,679 10.2% 140,694 122,498 14.9% Underwriting and certain other operating costs, commissions, salaries and benefits 23,849 22,112 7.9% 70,721 64,457 9.7% Policyholder dividends 1,054 712 48.0% 3,050 2,585 18.0% Underwriting profit (pre-tax) $ 2,505 $ 6,693 -62.6% $ 11,201 $ 19,922 -43.8% Insurance Ratios: Current accident year loss ratio 72.0% 71.0% 72.0% 71.0% Prior accident year loss ratio -9.4% -12.5% -9.7% -12.5% Net loss ratio 62.6% 58.5% 62.3% 58.5% Net underwriting expense ratio 32.5% 31.1% 31.3% 30.8% Net dividend ratio 1.4% 1.0% 1.4% 1.2% Net combined ratio 96.5% 90.6% 95.0% 90.5% • Voluntary premiums on policies written in the quarter increased 0.8%, compared to the third quarter of 2025, driven by strong renewal pricing and continued policy count growth. • Payroll audits remained additive to premiums written during the quarter; however, policy cancellations and other related premium adjustments more than offset that contribution. As a result, payroll audits and related premium adjustments decreased premiums written by $1.6 million in the third quarter of 2026, compared with an increase of $2.5 million in the same period in 2025. • Loss and loss adjustment expenses benefited from $6.9 million of favorable case reserve development, primarily on accident years 2023 and prior, resulting in a net loss ratio of 62.6%, compared to favorable prior accident year development of $8.9 million and a net loss ratio of 58.5% in the third quarter of 2025. • Underwriting expense ratio was 32.5% for the quarter, compared with 31.1% in the third quarter of 2025. The increase was primarily attributable to increased insurance-related assessments, higher compensation costs, and higher commission expense. • Our effective tax rate for the quarter was 20.0%, compared with 21.0% in the third quarter of 2025. The decrease was primarily due to a higher proportion of income from tax-exempt investments. 2
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INVESTMENT RESULTS Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 % Change 2026 2025 % Change (in thousands) (in thousands) Net investment income $6,605 $6,566 0.6% $19,730 $19,909 -0.9% Net realized (losses) gains on investments (pre-tax) (54) — NM (144) 3,118 NM Net unrealized (losses) gains on equity securities (pre-tax) (193) 4,117 NM 6,267 2,794 NM Pre-tax investment yield 3.5% 3.2% 3.4% 3.2% Tax-equivalent yield (1) 4.0% 3.9% 4.0% 3.9% (1) The tax equivalent yield is calculated using the effective interest rate and the appropriate marginal tax rate. • Net investment income increased 0.6% to $6.6 million for the quarter, driven by an improved portfolio book yield and disciplined expense management. These benefits were partially offset by lower average investable assets compared to the prior-year period, primarily due to capital returned to shareholders through dividends and share repurchases. • Net unrealized losses on equity securities were $0.2 million in the third quarter of 2026, compared with $4.1 million of net unrealized gains on equity securities in the third quarter of 2025. • As of September 30, 2026, the carrying value of AMERISAFE’s investment portfolio, including cash and cash equivalents, was $753.3 million. CAPITAL MANAGEMENT During the third quarter of 2026, the Company paid a regular quarterly cash dividend of $0.41 per share on September 25, 2026, representing a 5.1% increase compared to the third quarter of 2025. On October 27, 2026, the Board of Directors of AMERISAFE declared a quarterly cash dividend of $0.41 per share, payable on December 11, 2026, to shareholders of record as of December 4, 2026. Also during the quarter, the Company repurchased 5,450 shares of its common stock under the Company’s share repurchase program at an average cost of $30.18 per share, including commissions and excise tax, for a total of $0.2 million. Since the inception of its share repurchase program in 2010, the Company has repurchased 2,283,642 shares at an average cost of $28.01 per share, including commissions and excise tax, for a total of $64.0 million. The remaining outstanding share repurchase authorization under the program as of September 30, 2026, was $7.1 million. Book value per share at September 30, 2026, was $12.80, a decrease of 4.4% from $13.39 at December 31, 2025. 3
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SUPPLEMENTAL INFORMATION Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 (in thousands, except share and per share data) Net income $ 7,196 $ 13,818 29,936 $ 36,722 Less: Net realized (losses) gains on investments (54) — (144) 3,118 Net unrealized (losses) gains on equity securities (pre-tax) (193) 4,117 6,267 2,794 Tax effect (1) 52 (865) (1,286) (1,242) Operating net income (2) $ 7,391 $ 10,566 25,099 $ 32,052 Average shareholders’ equity (3) $ 243,622 $ 270,172 $ 244,426 $ 266,057 Less: Average accumulated other comprehensive loss (10,235) (5,619) (9,853) (6,276) Average adjusted shareholders’ equity (2) $ 253,857 $ 275,791 $ 254,279 $ 272,333 Diluted weighted average common shares 18,639,943 19,072,061 18,760,320 19,106,556 Return on average equity (4) 11.8% 20.5% 16.3% 18.4% Operating return on average adjusted equity (2) 11.6% 15.3% 13.2% 15.7% Diluted earnings per share $ 0.39 $ 0.72 $ 1.60 $ 1.92 Operating earnings per share (2) $ 0.40 $ 0.55 $ 1.34 $ 1.68 (1) The tax effect of net realized gains (losses) on investments and net unrealized gains (losses) on equity securities is calculated with an effective tax rate of 21%. (2) Operating net income, average adjusted shareholders’ equity, operating return on average adjusted equity and operating earnings per share are non-GAAP financial measures. Management believes that investors’ understanding of core operating performance is enhanced by AMERISAFE’s disclosure of these financial measures. (3) Average shareholders’ equity is calculated by taking the average of the beginning and ending shareholders’ equity for the applicable period. (4) Return on average equity is calculated by dividing the annualized net income by the average shareholders’ equity. 4
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NON-GAAP FINANCIAL MEASURES This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the U.S. Securities and Exchange Commission (the SEC) and includes a reconciliation of non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP in the Supplemental Information in this release. Management believes that investors’ understanding of core operating performance is enhanced by AMERISAFE’s disclosure of these standard industry financial measures, which include operating net income, average adjusted shareholders’ equity, operating return on average adjusted equity, and operating earnings per share. CONFERENCE CALL INFORMATION AMERISAFE has scheduled a conference call for October 29, 2026, at 10:00 a.m. Eastern Time to discuss the results for the quarter. To participate in the conference call, dial 786-297-8744 (Conference Code: 6500978) at least ten minutes before the call begins. Investors, analysts, and the general public will also have the opportunity to listen to the conference call over the Internet by visiting the “Investor Relations Home” page of the “Investors” section of the Company’s website (http://www.amerisafe.com). To listen to the live call on the web, please visit the website at least fifteen minutes before the call begins to register, download, and install any necessary audio software. For those who cannot listen to the live webcast, an archive will be available shortly after the call at the same website location. ABOUT AMERISAFE AMERISAFE, Inc. is a specialty provider of workers’ compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, trucking, logging and lumber, agriculture, services, manufacturing, and maritime. AMERISAFE actively markets workers’ compensation insurance in 27 states. 5
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “anticipate,” “expect,” “estimate,” or similar words, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding AMERISAFE’s plans, expectations and performance. These statements are based on management’s estimates, assumptions and projections as of the date of this release and are not guarantees of future performance, and include statements regarding management’s current views and expectations of the workers’ compensation insurance market, AMERISAFE’s growth opportunities, underwriting margins and actions by competitors. Investors are cautioned that many of the assumptions upon which these forward-looking statements are based might change after the date the forward-looking statements are made. Actual results may differ materially from the results expressed or implied in the forward-looking statements if the underlying assumptions prove to be incorrect or changes otherwise occur, or as the results of the materialization of risks, uncertainties and other factors impacting the business and operations of the Company, our policyholders or the market value of our investment portfolio. Factors that may affect our results are set forth in the Company’s filings with the SEC, including AMERISAFE’s Annual Report on Form 10-K and as may be further amended by subsequent filings with the SEC. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this release. AMERISAFE does not undertake any obligation to update or revise any forward-looking statements, which speak only as of the date made, notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes that arise after the date of this release. Share repurchases may be effected from time to time pursuant to trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act. The share repurchase program does not obligate the Company to repurchase any shares of the Company’s common stock and may be modified, increased, suspended or terminated at the discretion of the Board. The Board’s determination will depend on a variety of factors, including but not limited to, market conditions and applicable regulatory considerations. It is anticipated that any future repurchases will be funded from available capital. - Tables to Follow - 6
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AMERISAFE, INC. AND SUBSIDIARIES Consolidated Statements of Income (in thousands, except per share amounts) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2026 2025 2026 2025 (unaudited) (unaudited) Revenues: Gross premiums written $ 76,673 $ 80,321 $ 251,141 $ 243,809 Ceded premiums written (3,956) (4,334) (12,241) (12,698) Net premiums written $ 72,717 $ 75,987 $ 238,900 $ 231,111 Net premiums earned $ 73,321 $ 71,196 $ 225,666 $ 209,462 Net investment income 6,605 6,566 19,730 19,909 Net realized (losses) gains on investments (54) — (144) 3,118 Net unrealized (losses) gains on equity securities (193) 4,117 6,267 2,794 Fee and other income 133 97 354 378 Total revenues 79,812 81,976 251,873 235,661 Expenses: Loss and loss adjustment expenses incurred 45,913 41,679 140,694 122,498 Underwriting and other operating costs 23,849 22,112 70,721 64,457 Policyholder dividends 1,054 712 3,050 2,585 Provision for investment related credit loss benefit (2) (8) (15) (36) Total expenses 70,814 64,495 214,450 189,504 Income before taxes 8,998 17,481 37,423 46,157 Income tax expense 1,802 3,663 7,487 9,435 Net income $ 7,196 $ 13,818 $ 29,936 $ 36,722 Basic EPS: Net income $ 7,196 $ 13,818 $ 29,936 $ 36,722 Basic weighted average common shares 18,516,539 18,980,807 18,617,768 19,018,293 Basic earnings per share $ 0.39 $ 0.73 $ 1.61 $ 1.93 Diluted EPS: Net income $ 7,196 $ 13,818 $ 29,936 $ 36,722 Diluted weighted average common shares: Weighted average common shares 18,516,539 18,980,807 18,617,768 19,018,293 Restricted stock and RSUs 123,404 91,254 142,552 88,263 Diluted weighted average common shares 18,639,943 19,072,061 18,760,320 19,106,556 Diluted earnings per share $ 0.39 $ 0.72 $ 1.60 $ 1.92 7
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AMERISAFE, INC. AND SUBSIDIARIES Consolidated Balance Sheets (in thousands) September 30,2026 December 31,2025 (unaudited) Assets Investments $ 713,587 $ 734,855 Cash and cash equivalents 39,678 61,926 Amounts recoverable from reinsurers 108,180 108,098 Premiums receivable, net 178,665 160,944 Deferred income taxes 19,843 17,572 Deferred policy acquisition costs 22,383 21,085 Other assets 27,701 26,064 $ 1,110,037 $1,130,544 Liabilities and Shareholders’ Equity Liabilities: Reserves for loss and loss adjustment expenses $ 586,089 $ 613,583 Unearned premiums 148,737 135,503 Insurance-related assessments 18,699 15,979 Other liabilities 119,259 113,881 Shareholders’ equity 237,253 251,598 Total liabilities and shareholders’ equity $ 1,110,037 $1,130,544 # # # 8