DERIDDER, La., Sept. 3, 2013 (GLOBE NEWSWIRE) -- AMERISAFE, Inc. (Nasdaq:AMSF) a specialty provider of hazardous workers' compensation insurance, today announced that G. Janelle Frost, the Company's Chief Operating Officer, has been appointed to the additional position of President of the Company, succeeding Geoff Banta. Ms. Frost joined AMERISAFE in 1992.
C. Allen Bradley, AMERISAFE's Chairman and Chief Executive Officer, commented: "In April, we announced Janelle Frost's promotion to Chief Operating Officer in conjunction with Geoff Banta's decision to retire at the end of 2014. The transition of responsibilities is progressing very well and her appointment as President is the logical next step."
AMERISAFE also announced that the Company intends to redomesticate two of its three insurance subsidiaries from Louisiana to Nebraska. This change is expected to occur before the end of 2013, subject to receipt of customary regulatory approvals. In connection with the redomestication, AMERISAFE will open a new office in Omaha, which will serve as the headquarters for American Interstate and Silver Oak. AMERISAFE's corporate headquarters will remain in DeRidder, Louisiana.
Mr. Bradley commented, "AMERISAFE currently writes insurance in 30 states and the District of Columbia. As the company expanded its geographic footprint, particularly in the Midwest, growth outside of Louisiana exceeded the growth inside the state. The redomestication of two of our insurance subsidiaries is expected to significantly lower the $3.8 million in insurance retaliatory taxes the company paid in 2012."
He continued, "This has not been an easy decision. AMERISAFE has had an excellent working relationship with the Louisiana Insurance Department for more than 20 years. The Nebraska Insurance Department has an excellent reputation, and the state is well known for its favorable regulatory environment. There are more than 100 insurance companies domiciled in Nebraska, including the insurance subsidiaries of Berkshire Hathaway, Mutual of Omaha and AFLAC among others. As part of his evolving role, Geoff Banta will spearhead the redomestication effort. We believe this is the right time to make this transition."
AMERISAFE, Inc. is a specialty provider of workers' compensation insurance focused on small to mid-sized employers engaged in hazardous industries, principally construction, manufacturing, trucking and agriculture. AMERISAFE actively markets workers' compensation insurance in 30 states and the District of Columbia.
Forward Looking Statements
Statements made in this press release that are not historical facts, including statements accompanied by words such as "will," "believe," "anticipate," "expect," "estimate," or similar words are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding AMERISAFE's plans and performance. These statements are based on management's estimates, assumptions and projections as of the date of this release and are not guarantees of future performance and include statements regarding management's views and expectations regarding (a) the benefits of redomesticating two of AMERISAFE's insurance subsidiaries (b) the ability to obtain the necessary regulatory approvals to effect the redomestication of these insurance subsidiaries and (c) the cost savings that are anticipated to result from this change. Actual results may differ materially from the results expressed or implied in these statements as the results of risks, uncertainties and other factors including the factors set forth in the Company's filings with the Securities and Exchange Commission, including AMERISAFE's Annual Report on Form 10-K for the year ended December 31, 2012. AMERISAFE cautions you not to place undue reliance on the forward-looking statements contained in this release. AMERISAFE does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
CONTACT: Michael Grasher, EVP & CFO AMERISAFE, Inc. 337-463-9052