AMSF AMERISAFE INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 3/4 quarters. Q3 2012: $7M, Q2 2012: $0M, Q1 2012: $3M, Q3 2011: $4M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $7M vs trailing avg $2M (+209%)

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Buyback $13M / FCF $25M = 54% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 0 shares = 0.0% of 18,794,881 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

No insider open-market purchases in the last 12 months

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

Need both buyback and insider purchase data

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 160555.0x more than bought. 1 C-suite officers among sellers

• Omiridis Anastasios (EVP-CFO) sold 1,247 shares on 2025-11-20
• Omiridis Anastasios (EVP-CFO) sold 1,235 shares on 2025-11-07
• Omiridis Anastasios (EVP-CFO) sold 1,343 shares on 2025-08-05