STRENGTH THROUGH
MUTUAL SUCCESS
2024 ANNUAL REPORT
Amerisure had another strong year both financially and operationally. We further strengthened our balance sheet led by surplus growth of 5% and net income of approximately $50 million while simultaneously improving our key operating metrics. Profit improvement in commercial auto combined with continued strong performance in Workers’ Compensation led the way along with healthy growth in our most profitable areas.
Amidst a challenging insurance environment, Amerisure remains a strong and financially stable organization which was once again recognized by AM Best as they affirmed our “A” (Excellent) rating.
STRENGTH THROUGH PARTNERSHIPS & SERVICE Our agency partners remain central to our mission, and we recognize that our mutual success is driven by these powerful partnerships. In 2024, we laid the foundation for enhancements to our underwriting and service model, directly incorporating agency feedback and implementing changes that will ensure consistent delivery and drive exceptional results. This includes constructing workflows that enable improved renewal processing, faster triaging and decisioning of new business, and improved communication.
We also continued to enhance the service experience, building upon our industry-leading policyholder Net Promoter Score of 80. Our claims professionals continued to drive outcomes through alignment of expertise and efficiency, and we are beginning to reap the benefits of our enhanced litigation persona as we combat legal system abuse. Our Risk Management department continued to deliver industry-leading service through single points of contact to coordinate all risk management services as well as alignment of expertise to agency needs in our key areas of focus in Construction, Manufacturing and Healthcare.
STRENGTH THROUGH INNOVATION Our digital transformation continued in 2024 and achieved significant milestones with the successful migration of Workers’ Compensation policy services and guaranteed cost billing operations into our cloud based PolicyCenter and BillingCenter platforms.
We also intensified our focus on improving commercial auto results for our policyholders by introducing our commercial auto Whole Risk Solution focused on managing the safety of drivers and fleets and providing resources to reduce claim costs including reducing the risk of large verdicts.
A LETTER FROM GREG CRABB AMERISURE PRESIDENT & CEO
112
Years Serving Our
Policyholders
80
Policyholder Net Promoter Score
10.5
Years Average Tenure of Over 700 Expert Employees
A
[EXCELLENT]
AM Best Rating for Over 25 Years
STRENGTH THROUGH SUPERIOR SERVICE
ADVANCING THE SURECLAIMS™ EXPERIENCE At Amerisure, claims management is not just about processing claims—it’s about restoring lives, supporting businesses, and advancing safety. Our SureClaims™ experience continues to set the standard for proactive, technology-driven claim resolution by leveraging advanced analytics and expert-driven claim assignments to get the right expertise engaged early in the process. We’ve enhanced efficiency, enabling our adjusters to focus on what matters most—resolving claims quickly and effectively.
This year, we also introduced several strategic innovations—a nuclear verdict risk mitigation program to address evolving legal challenges, enhanced catastrophe and liability analytics for better risk management, and optimized workflows to deploy specialized expertise precisely when needed. These advancements have streamlined the claims process, reduced resolution times, and reinforced our commitment to supporting policyholders and agency partners with industry-leading expertise to deliver industry-leading outcomes.
“Our goal is to make claims seamless—leveraging technology and partnerships to resolve issues quickly. With improved communication and enhanced tools, we’re optimizing the claims experience for the best possible results.”
MATT MICHALSKI, Vice President of Claims Programs and Shared Services
“At Amerisure, claims restore lives, strengthen businesses, and enhance safety. By collaborating with industry partners, we improve risk transfer, refine safety, and prevent losses—reinforcing insurance as a noble profession.”
JILL CHESNEY, Senior Liability Major Case Unit Specialist
STRENGTH THROUGH INNOVATION
STRENGTH THROUGH SPECIALIZATION
STRENGTH THROUGH PEOPLE At the heart of our success is our Amerisure team who bring life to our mission and values each day. We are proud to have once again been recognized for this focus by being named among the Best and Brightest Companies to Work For® and Computerworld’s Best Places to Work in IT.
Our commitment to our employees and our communities continued through the work of Amerisure Charitable Foundation (ACF), which receives one percent of our net income and celebrated its 20th year in 2024. We take great pride in our ongoing support of the Shepherd Center, Boys & Girls Clubs of Southeastern Michigan, Junior Achievement, Special Olympics Michigan and Vista Maria, among others.
Our focus on inclusion continues, ensuring a welcoming experience for all employees by cultivating a culture that is open and receptive to new ideas, leverages diverse perspectives, and fosters collaboration and creativity to drive superior business outcomes.
STRENGTH IN OUR FUTURE As a 112-year-old mutual company owned by our policyholders, our value proposition is built on our promise to deliver exceptional value and superior service to both our policyholders and agency partners. As we look ahead to 2025 and beyond, we remain committed to those principles as well as our Vision of being an industry-leading specialist, transforming the insurance experience, one partnership at a time.
Gregory J. Crabb Amerisure President and Chief Executive Officer
CLICK HERE TO READ A MESSAGE FROM OUR BOARD CHAIR
The past year was one of progress, innovation and steadfast commitment to Amerisure’s mission and vision. In 2024, Amerisure continued to build on its strong foundation by enhancing operations, deepening agency partnerships, and leveraging technology to drive efficiency and service excellence. Through strategic initiatives and a focus on long-term success, we have remained agile in a rapidly evolving industry, ensuring we deliver value to our agency customers, policyholders, and employees.
As we look ahead, we are committed to sustaining this momentum—advancing innovation, strengthening relationships, and navigating challenges with resilience. Our success is made possible by the trust and collaboration of our agency partners, and I extend my sincere gratitude for your continued support. Together, we will embrace the opportunities ahead and drive mutual success.
James (Jim) Nicholson Amerisure Chair of the Board of Directors
A MESSAGE FROM OUR BOARD CHAIR
A LETTER FROM GREG CRABB AMERISURE PRESIDENT & CEO
Letter from President & CEO
Superior Service
Amerisure’s Risk Management team is committed to delivering tailored, innovative safety solutions that mitigate hazards and create safer work environments to help keep businesses safe and operational. Through over 250 policyholder training sessions, and more than 30 virtual reality demonstrations in 2024, these interactive sessions equipped our policyholders with the tools and knowledge needed to prevent accidents, safeguard employees, and foster a culture of safety within their organizations.
In addition, Amerisure’s partnerships with leading telematics technology vendors and our expertise in fleet safety programs led to a standout success with Michael Hatcher & Associates, a policyholder that achieved a 95% reduction in annual auto claim costs and an 87% decrease in claim frequency through a strategic partnership with Amerisure. By leveraging MVR monitoring and telematics, the company was able to proactively address potential issues and dramatically improve fleet safety.
Amerisure continues to partner with pioneering innovative safety solutions and provide programs with exclusive savings to our policyholders, including wearable ergonomic exoskeletons, AI-powered ergonomic evaluations, fit-for-duty sensors, and commercial fleet telematics. These advancements mitigate workplace hazards and help to redefine industry safety standards.
“Partnering with Michael Hatcher & Associates has been a remarkable success. By implementing both MVR monitoring and telematics, our service plan has assisted them in significantly improving overall safety.” JEREMY BIGGS, Senior Risk Management Specialist
INDUSTRY-LEADING RISK MANAGEMENT EXPERTISE
PREMIUM AUDIT SERVICE Our Premium Audit team received the Policyholder Experience Knockout Champion award from Insurity, showcasing our commitment to leveraging innovative technology to improve operations and elevating the policyholder experience. Our Premium Audit team reviewed more than $27 billion in Workers’ Compensation exposure, all while maintaining a 96.9% satisfaction rate, with policyholders reporting complete satisfaction with the audit experience.
“Safety training is the cornerstone of a safe and productive workplace. By investing in it, we empower policyholders to prevent accidents, protect lives, and foster a spirit of teamwork and collaboration that ensures everyone goes home safe and sound.” ASHLEY PARKER, Senior Risk Management Consultant
“We are thrilled to be identified among the nation’s top safety innovators and to continue our work with the National Safety Council to deliver cutting-edge solutions preventing workplace injuries.” KEVIN CLARY, Vice President of Risk Management
99%
OF POLICYHOLDERS SAY THEY ARE COMPLETELY SATISFIED WITH THE
RISK MANAGEMENT EXPERIENCE
INNOVATING OUR WHOLE RISK SOLUTION In response to rising nuclear verdict risks, Amerisure implemented a bold, proactive strategy in 2024—one that emphasizes early claim identification, a reimagined litigation approach, and risk mitigation at the source. Our breakthrough Whole Risk Solution seamlessly integrates underwriting, risk management, and claims expertise to help businesses reduce large losses, enhance fleet safety, and achieve stronger long-term outcomes. Through resources such as our nuclear verdict checklist, telematics implementation guide, and MVR Lens Program, our fleet safety programs and technology solutions, combined with our risk management and claims experts, assist policyholders in mitigating nuclear verdict risk and further enhancing safety culture.
TECHNOLOGY THAT EMPOWERS Amerisure’s Information Technology team remains at the forefront of digital transformation, dedicated to enhancing efficiencies for agency partners, policyholders, and employees and creating a seamless insurance experience. In 2024, we advanced our digital capabilities by consolidating policy and billing systems into an industry-leading cloud ecosystem. By modernizing policy administration, underwriting, and billing, we’ve streamlined processes, improved efficiency, and enhanced our ability to serve policyholders and agency customers. SureConnect®, Amerisure’s digital customer portal, continues to earn industry recognition for its ease of use and robust features. In 2024, improvements to the platform reduced customer onboarding time by 60%, building on the already strong foundation of our 91% customer satisfaction score for ease of use.
“By standing firm against unreasonable settlements, successfully defending high-exposure cases in volatile jurisdictions, and partnering with agency customers to enhance insureds’ safety programs, Amerisure is delivering positive outcomes for our policyholders.”
GEORGE PAVARINI, Vice President, Complex and Specialty Commercial Claims
“At Amerisure, technology is not just about innovation—it’s about empowering people. By streamlining policy and billing systems, enhancing data-driven insights, and refining digital experiences like SureConnect®, we enable our employees, agency partners, and policyholders to work smarter and serve better. Technology is the bridge that allows us to put people first.”
AMJED AL-ZOUBI, Chief Information Officer
91%
OF POLICYHOLDERS TRUST SURECONNECT®
FOR ITS EASE & EFFICIENCY
Innovation
SPECIAL RISK LOSS SENSITIVE Our customized Special Risk loss sensitive programs offer policyholders flexibility to support their organizational goals while managing risk appetite. With over $136M in premium, including $23M in new accounts in 2024, our tailored programs provide exceptional value to policyholders who desire to leverage industry-leading safety culture to achieve results in their insurance program.
Our loss sensitive experts partner with our service professionals to provide competitive programs paired with comprehensive customized service plans which include SureConnect®, our industry-leading online portal, claims analytics, and in-person risk management services from our experts. Trust in Amerisure’s commitment to deliver on our service promise ultimately led over 25 new accounts to choose us as their carrier of choice in 2024.
“Through collaboration and trust, we continue to create opportunities that drive success for our policyholders and partners alike.”
YVONNE HOBSON, Vice President of Special Risk
AMERISURE PROGRAMS Amerisure Programs (AMP) delivers tailored insurance solutions for industries with specialized risk needs. With over $77M in premium, our seven customized programs deliver exceptional value for businesses with unique needs. Our team of experts partners with specialist agencies to provide competitive coverage for policyholders who value superior service with specialized expertise. 85% of Amerisure programs policyholder survey respondents say they are totally satisfied with our Risk Management, Credit & Billing, Premium Audit, and Claims services.
AMERISURE SURETY Amerisure Surety continues to build its reputation as the preferred solution for surety specialist agents. With a steadfast commitment to industry-leading service, we continue to grow year-over-year, achieving 25% premium growth in 2024. With over $29M in billed premium, we processed over 1,800 new bonds, demonstrating our expertise and dedication to driving mutual success with our agency partners.
85%
OF AMERISURE PROGRAMS POLICYHOLDER SURVEY RESPONDENTS SAY THEY ARE
VISIT AMERISURE.COM TO FIND AN AGENCY
TOTALLY SATISFIED WITH THE SERVICE EXPERIENCE
Specialization
STRENGTH THROUGH PARTNERSHIPS
Amerisure Middle Market Partners For Success® agencies are carefully selected based on their expertise in our target market segments, commitment to value-based consultation and reputation in the marketplace.
Partnerships
STRENGTH THROUGH OUR PEOPLE
SERVICE EXCELLENCE At Amerisure, our employees embody our company values of Agility, Passion, Relationships, Collaboration, Community, and Integrity. Their dedication to our One Amerisure service model sets us apart. In 2024, we were nationally recognized for our unwavering focus on service, innovation, and workplace culture, receiving multiple awards that reflect our continued leadership in the industry.
INCLUSIVE ENVIRONMENT In 2024, we continued initiatives to ensure employees feel valued, heard, and empowered to contribute their unique voices. Employees participated in regular discussions on books, films, and music, deepening cultural awareness and fostering conversations around inclusion. We proudly continued our partnerships with the Independent Insurance Agents & Brokers of America (IIABA), National African American Insurance Association (NAAIA), Michigan Council of Women in Technology (MCWT), and Women in Insurance and Financial Services (WIFS).
SUPPORTING OUR COMMUNITIES CHARITABLE GIVING
hands-on community work to supporting local education. Through the Amerisure Charitable Foundation, which marked its 20th anniversary this year, we contributed more than $714,500 to nonprofit organizations including the Shepherd Center, Boys & Girls Clubs of Southeastern Michigan, Junior Achievement, Special Olympics Michigan, and Vista Maria, among others. Over the past 20 years, Amerisure has donated a total of over $2 million to these and other organizations. Our employees also give an average of $30,000 annually to various nonprofits through our matching gift program, demonstrating a shared passion for making a positive impact.
At Amerisure, giving back is more than a commitment—it’s part of our culture. In 2024, our employees across the country showed their commitment by volunteering their time and resources to causes that matter to them, from
CHAMPIONS
CLICK HERE TO VIEW A LIST OF OUR 2023 CHAMPIONS
RELATIONSHIPS | AGILITY | COLLABORATION | COMMUNITY | INTEGRITY | PASSION |
Our People
CHAMPIONS RECOGNITION PROGRAM
Amerisure’s Champions program recognizes employees who go above and beyond to demonstrate their expertise and show an unwavering commitment to excellence. This special acknowledgment reinforces the instrumental role our employees play in providing exceptional service and unmatched partnerships.
CONGRATULATIONS TO OUR 2023 CHAMPIONS!
RELATIONSHIPS | AGILITY | COLLABORATION | COMMUNITY | INTEGRITY | PASSION |
STRENGTH THROUGH FINANCIAL STABILITY
Amerisure’s financial position remains strong, reflecting our commitment to long-term stability and growth. Our asset base reached $3.4 billion, with a diversified investment portfolio totaling $2.9 billion. This foundation of strength is further reflected in our risk-adjusted capitalization, with AM Best’s Capital Adequacy Ratio (BCAR) scoring at 99.6%, placing us in the strongest category. Our leverage ratio improved to 0.74, allowing us to maintain a solid position even as premiums reached a company high and surplus grew significantly.
SURPLUS As a mutual insurance organization, our focus is on long-term surplus growth that benefits our policyholders, agencies, and employees. In 2024, we achieved approximately $50 million in net income, with surplus growth of $57 million, bringing total surplus to over $1.2 billion—ranking us within the top 10% of the P&C industry.
UNDERWRITING RESULTS Our direct written premium reached a company-high $977 million. This reflects our continued success across multiple business segments. Throughout the year, we made strategic profit actions on underperforming risks, while simultaneously writing $134 million in new business across our Middle Market, Surety, and AMP segments. Notably, Amerisure Surety and Amerisure Programs showed strong performance, growing by 25% and 20%, respectively.
The overall combined ratio for the year improved to 106.9%, driven by a 2.7-point reduction in loss and allocated loss adjustment expenses across all lines, with Commercial Auto improving by 10 points. While our expense ratio increased slightly due to investment in core system technology, these strategic investments position us for future success. Our Workers’ Compensation line remains the most profitable, with a combined ratio of 88%, while Surety and AMP produced combined ratios of 89% and 94%, respectively. These results helped improve our overall loss ratio, which also benefited from core lines favorable prior year reserve development of $5 million. When adjusted for the combined 3.4-point impact of an asbestos reinsurance recoverable write-off, core system technology investment, and catastrophe impact, our normalized combined ratio stands at 103.5%.
“The AM Best distinction reflects our unwavering commitment to growing and strengthening our balance sheet, and our dedication to providing the highest level of service to our agency customers and policyholders.”
CHRIS M. SPAUDE, Amerisure Chief Financial Officer and Treasurer
A LEGACY OF STABILITY Net investment income in 2024 totaled $115 million, a $13 million increase over the prior year, contributing to an investment ratio that ended 0.6 points above plan. This strong performance helped achieve an operating ratio of 94.3%. On a normalized basis, the operating ratio was 90.9% and we produced net income of approximately $50 million.
Our A (Excellent) rating from AM Best with a stable outlook highlights our ongoing financial strength and over 112 years of consistent performance in the industry.
CLICK HERE TO VIEW OUR FINANCIAL STATEMENTS
Financial
Stability
Leadership & Board
© 2025 Amerisure, All Rights Reserved
Amerisure is a leading provider of commercial property and casualty insurance solutions for U.S.-based construction, manufacturing and healthcare businesses. Licensed in all fifty states and available through an exclusive network of elite independent agents, the company upholds an “A” (Excellent) financial strength rating, industry-leading service scores, and multiple awards for innovation. Amerisure has been in business for more than 100 years and is consistently named among the best places to work in the industry and throughout the nation.
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AMERISURE LEADERSHIP
AMERISURE BOARD OF DIRECTORS
GREGORY J. CRABB President and Chief Executive Officer
AMJED AL-ZOUBI Chief Information Officer
MARTIN ARNOLD Chief Underwriting Officer
ERIN BUDDIE Chief Human Resources Officer
STEVEN DONNELLY Chief Service Officer
DANIEL J. GRAF Chief Investment Officer
STEPHANIE HAAS Vice President, General Counsel and Corporate Secretary
DAN JOHNSON Vice President, Partnerships
ANGELA M. McBRIDE Chief Transformation and Strategy Officer
CHRIS M. SPAUDE Chief Financial Officer and Treasurer
JAMES M. NICHOLSON (2014; CHAIR 2022) Chairman PVS Chemicals, Inc. Detroit, Michigan
TAYO AKINS (2023) CEO, Regency Home Care Operating Partner, Aruna Investment Partners Klamath Falls, Oregon
JAMES P. BRANNEN (2020) Retired CEO FBL Financial Group, Inc. Panora, Iowa
GREGORY J. CRABB (2015) President and CEO Amerisure Insurance Companies Farmington Hills, Michigan
DAVID C. DAUCH (2014) Chairman and CEO American Axle & Manufacturing Detroit, Michigan
KOUHAILA (KI) HAMMER (2023) President and CEO Ghafari Associates Dearborn, Michigan
PATRICIA E. MOORADIAN (2018) President and CEO The Henry Ford Dearborn, Michigan
GREGORY MORRISON (2021) Retired CIO and SVP Cox Enterprises Atlanta, Georgia
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STRENGTH THROUGH PARTNERSHIPS
ABOUT AMERISURE
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STRENGTH THROUGH PARTNERSHIPS
Amerisure Surety capitalizes on highly exclusive agency partnerships to deliver contract surety products backed by consistent underwriting.
Mullis Newby Hurst Bowen, Miclette & Britt Catalyst Surety Partners Commercial Surety Bond Agency DeSanctis Insurance Agency DSP Insurance Services East Coast Surety Solutions FNIC Flood & Peterson Insurance Guignard Company HMS Insurance Associates Holmes Murphy & Associates HUB International Mid-South HUB International – Colorado HUB International – New Mexico IMA - Kansas City J.W. Terrill McGriff Insurance Services – Alpharetta PayneWest Insurance Propel Insurance Agency – South Carolina Propel Insurance Agency – Washington Rich & Cartmill Thomas McGee Group TrueNorthCompanies Tucker Agency USI Insurance Services – Atlanta VTC Insurance Group
POWERFUL PARTNERSHIPS.
MUTUAL SUCCESS.
Amerisure Programs (AMP) is committed to leveraging agency partnerships to craft competitive coverage through distinct insurance programs.
Arden Insurance Services, LLC Condominium Associations
Assured Partners of Illinois, LLC Equipment Rental
IBKB/Gallagher Pool Contractors & Retail Pool Stores
Kapnick & Company, Inc. Tow Operators
R&A Insurance, Inc. Tow Operators
The Horton Group, Inc. Gas & Welding Distributors
Venture/Acrisure Security Guards & Alarm Installation
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STRENGTH THROUGH PARTNERSHIPS
• Gas and Welding Distributors
• Tow Operators
• Security Guards & Alarm Installation
• Swimming Pool Contractors
• Condominium Association
• Equipment Rental
Current AMP programs include:
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