AMERISAFE INC — Director's Dealing 2006

May 16, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AMERISAFE INC (AMSF)
CIK: 0001018979
Period of Report: 2006-05-15

Reporting Person: QUAELLY PAUL B (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-15	Common Stock	A	1222	—	Acquired	7210	Direct

Footnotes

F1: The Reporting Person also indirectly beneficially owns 7,636,475 shares of Common Stock held by Welsh, Carson, Anderson & Stowe VII, L.P. The Reporting Person is a general partner of the sole general partner of Welsh, Carson, Anderson & Stowe VII, L.P. Pursuant to Instruction 4(b)(iv) of Form 4, the Reporting Person has elected to report as indirectly beneficially owned the entire number of securities beneficiailly owned by such entity. The Reporting Person disclaims beneficial ownership of any securities, and any proceeds thereof, that exceed his pecunciary interest therein, and/or that are not actually distributed to him.