AMERISAFE, Inc.

Good day and welcome to the AmeriSafe fourth quarter 2024 earnings call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Catherine Shirley. Please go ahead, ma'am.

Good morning. Welcome to AmeriSafe 2024 fourth 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 risk, uncertainties, and other factors, including factors discussed in the earnings release, in the comments made during today's call, and in the risk factor 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.

Thank you, Catherine, and good morning, everyone. We are pleased to share AmeriSafe's results for both the fourth quarter and the full year of 2024. A key priority throughout the year has been top-line growth with consistent underwriting margin, which is reflected in our gross premiums-ridden increase of 3.9% for the fourth quarter and 3.1% for the full year. Voluntary premiums on policies written rose by 8.5% in the fourth quarter and 4.6% for the year compared to 2023, while our enforced policy count grew 9.6%. Strong premium retention and robust new business production were the primary drivers for this growth, underscoring our commitment to profitable growth in a competitive landscape. Despite industry-wide headwinds, including rate reductions and declining wage inflation, our ability to identify and capitalize on profitable opportunity is a testament to the expertise and collaboration of our team. We are improving our agent relationships, protecting our policyholders, and caring for injured workers. Our focus led to a combined ratio of 88.7% and an ROE of 20.2%. This success is a direct result of collaboration across the organization and the empowerment of our employees to foster a sales-driven culture. From frontline teams of underwriting sales and safety to the back-end support of claims and premium audit and operational functions such as regulatory, IT, and finance, Every department played a role in driving growth. Our employees have embraced the challenge of competing in a dynamic P&C market where workers' compensation as a line remains attractive to carriers. For the full year, our accident year loss ratio remained steady at 71%, consistent with the prior year, and we anticipate maintaining that level in 2025. Additionally, we recognize favorable development from prior accident years of $9.7 million in the quarter and $34.9 million for the full year of 2024. On capital management front, AmeriSafe's Board of Directors has approved a 5.4% increase in our regular dividend to $0.39 per share. Looking ahead, we remain focused on top-line growth, confident that our ability to identify and ensure profitable high-risk high hazard risk will continue to offset broader market challenges. With strong policy retention and a disciplined approach to growth, AmeriSafe remains committed to delivering exceptional value to our shareholders. With that, I'll turn the call over to Andy to discuss the financials.