Tax Expense Takes Large Chunk of Amerisafe Profit in Q4

Amerisafe has reported fourth quarter net income of $649,000, a 97% decrease from net income of $19.1 million in the same quarter of 2016. For the full year, net income was $46.2 million, down 41% from $77.9 million for the full year of 2016. Net income reflected the impact of $12.6 million in additional income tax expense related to tax reform legislation enacted in December, the company said in a news release. As a result, Amerisafe revalued its net deferred tax assets at the new, lower federal corporate tax rate of 21%. Net premiums earned were $87.4 million in the fourth quarter, down 5...