A.M. Best Affirms Ratings of AMERISAFE, Inc. and Its Operating Subsidiaries.OLDWICK, N.J. -- A.M. Best Co. has affirmed the issuer credit rating (ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. ) of "bbb-" and debt ratings of AMERISAFE, Inc (Texas) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MSF MSF Manufacturing, Science, and Finance (Union) ). Concurrently, A.M. Best has affirmed the financial strength rating (FSR (Free System Resource) In Windows 3.x, the amount of unused memory in various 64K blocks reserved for managing current applications. Every open window takes some space in this area. See Windows memory limitation. ) of A- (Excellent) and ICRs of "a-" of Amerisafe Insurance Group (Amerisafe). Amerisafe includes American Interstate Insurance Company, Silver Oak Casualty, Inc. and American Interstate Insurance Company of Texas (Austin, TX), which are operating subsidiaries of AMERISAFE, Inc. The outlook for all ratings is stable. All companies are domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in DeRidder, LA, unless otherwise specified. (See below for a detailed listing of the ratings.) The ratings reflect Amerisafe's strong risk-adjusted capitalization, improved underwriting and operating results and solid market presence within its niche workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. market for high hazard risks. These positive factors are somewhat offset by Amerisafe's elevated underwriting leverage measures, product concentration and historical adverse loss reserve development, which has caused volatility in operating results and capital generation. The rating outlook reflects A.M. Best's expectations that the improvement in underwriting and operating performance will be sustained over the medium term and capitalization will remain well supportive of the ratings. The following debt ratings have been affirmed: AMERISAFE, Inc.- --"bb" on $5 million convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , series C --"bb" on $20 million convertible preferred stock, series D --"bb" on $25.8 million subordinated trust preferred securities, due 2033 --"bb" on $10.3 million subordinated trust preferred securities, due 2034 For Best's Debt Ratings, all other Best's Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings. Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com. |
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