Company did not provide specific guidance for the current quarter or full year
Overview
US workers' comp insurer's Q2 net premiums earned rose 11.4% yr/yr
Adjusted EPS for Q2 missed analyst expectations
Company repurchased $5.6 mln in shares during the quarter
Analyst coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the property & casualty insurance peer group is "buy."
Wall Street's median 12-month price target for Amerisafe Inc is $36.71, about 7.1% above its July 20 closing price of $34.29
The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 15 three months ago
Result Drivers and key details
Premium growth - Co said net premiums earned rose due to strong policy and premium retention in renewals and higher payroll audit adjustments
Higher claims costs - Loss and loss adjustment expenses benefited from $7.3 million of favorable case reserve development on accident years 2023 and prior
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