Amerisafe, a specialty writer of high hazard workers' compensation insurance, has reported net income of $18.6 million for the fourth quarter ended December 31, 2007, an increase of 32.6% compared to $14 million for the corresponding period of 2006.
Revenues were $82.4 million for the quarter, a decrease of 14.6% compared to $96.5 million for the same period in 2006.
For the full-year period ended December 31, 2007, net income was $50.2 million, an increase of 34.4% compared to $37.4 million for the corresponding period of 2006. Revenues were $338.3 million for 2007, an increase of 1.7% compared to $332.7 million in 2006.
Allen Bradley, chairman, president and CEO, said: 2007 was a record year for Amerisafe. We continued to produce high quality business, and losses were significantly lower than expected. In addition, prior year loss development was favorable, and our open claims inventory at the end of the year was the lowest in a decade.