AMERISAFE, Inc. (NASDAQ:AMSF) Q3 2024 Earnings Conference Call October 24, 2024 10:30 AM ET
Company Participants
Kathryn Shirley - Chief Administrative Officer
Janelle Frost - President & CEO
Andy Omiridis – EVP & CFO
Conference Call Participants
Matt Carletti - Citizens JMP
Mark Hughes - Truist
Operator
Good day, and welcome to the AMERISAFE's Third Quarter 2024 Earnings Conference Call. Today's conference is being recorded.
At this time, I'd like to turn the conference over to Kathryn Shirley, Chief Administrative Officer. Please go ahead.
Kathryn Shirley
Good morning. Welcome to the AMERISAFE's 2024 Third Quarter Investor Call. If you have not received the earnings release, it is available on our website at amerisafe.com. This call is being recorded. A replay of today's call will be available. Details on how to access the replay are in the earnings release.
During this call, we will be making forward-looking statements. These statements are based on current expectations and assumptions that are subject to various risks and uncertainties. Actual results may differ materially from the results expressed or implied in these statements. If the underlying assumptions prove to be incorrect, or as the results of risks, uncertainties and other factors, including factors discussed in the earnings release and the comments made during today's call and in the Risk Factors section of our Form 10-K, Form 10-Qs and other reports and filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statements.
I will now turn the call over to Janelle Frost, AMERISAFE's President and CEO.
Janelle Frost
Thank you, Kathryn, and good morning, everyone. We are pleased with AMERISAFE's quarterly financial results, particularly in response to a competitive marketplace driven by declining rates and industry-wide profitability. The workers' compensation industry has benefited from multiyear declines in frequency, moderate severity and growing wages. AMERISAFE's trends have been no different. However, I would argue our specialist nature and the history of underwriting discipline, better position AMERISAFE for consistent returns and a strong balance sheet throughout market cycles, which brings stabilities to our policyholders and agents and value to our shareholders.
As such, our Board of Directors declared a special dividend of $3 for shareholders of record as of December 6, 2024. This special dividend reflects long-term operational excellence and our commitment to shareholder returns. The special dividend is in addition to our regular quarterly dividend of $0.37. Our capital strength is created by our long-term profitability and our current strategic priorities centered on achieving targeted profitable growth. This quarter, similar to the second, we have maintained positive momentum in terms of production and top line performance. For policies written in the quarter, premium grew 8.8% over last year's third quarter.