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AM Best Affirms Credit Ratings of AMERISAFE, Inc. and Its Operating Subsidiaries

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AM Best has affirmed the Financial Strength Rating of A
(Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of
"a+" of American Interstate Insurance Company (Omaha, NE), Silver Oak
Casualty, Inc. (Omaha, NE) and the American Interstate Insurance
Company of Texas (Austin, TX) (collectively referred to as
AMERISAFE Insurance Group or the group). Concurrently, AM
Best has affirmed the Long-Term ICR of "bbb+" of AMERISAFE, Inc.
(NASDAQ:AMSF), the ultimate parent of the group members. The outlook of
these Credit Ratings (ratings) is stable. All companies are
headquartered in DeRidder, LA unless otherwise specified.

These ratings reflect AMERISAFE Insurance Group's balance sheet
strength, which AM Best categorizes as strongest, as well as the group's
strong operating performance, neutral business profile and appropriate
enterprise risk management.

AMERISAFE Insurance Group continues to maintain risk-adjusted
capitalization at the strongest level, which is supported by a
conservative and liquid investment portfolio. The group writes workers'
compensation coverages for small and medium-sized companies in high
hazard industries with all group members operating under an intercompany
pooling arrangement.

The group's expertise in its market niche continues to result in
underwriting and overall operating results that consistently outperform
the workers' compensation composite over the long term. Management has
employed and strictly adheres to prudent underwriting practices and
pricing discipline. Furthermore, the group's consistent reserving
practices have resulted in favorable loss reserve development trends.
Potential terrorism exposure is managed by purchasing appropriate
reinsurance coverage with very little reliance on the Terrorism Risk
Insurance Program Reauthorization Act (TRIPRA) of 2015 federal backstop.

AMERISAFE Inc. is an insurance holding company and its rating reflects
the subordination of its senior most creditors to those of the insurance
operating companies.

This press release relates to Credit Ratings that have been published
on AM Best's website. For all rating information relating to the release
and pertinent disclosures, including details of the office responsible
for issuing each of the individual ratings referenced in this release,
please see AM Best's
Recent
Rating Activity
web page. For additional information
regarding the use and limitations of Credit Rating opinions, please view
Understanding
Best's Credit Ratings
. For information on the proper media
use of Best's Credit Ratings and AM Best press releases, please view
Guide
for Media - Proper Use of Best's Credit Ratings and AM Best Rating
Action Press Releases
.

AM Best is a global rating agency and information provider with a
unique focus on the insurance industry. Visit
www.ambest.com
for more information
.

Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its
affiliates. ALL RIGHTS RESERVED.

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