Exhibit 10.28

INTERESTS AND LIABILITIES AGREEMENT

(the Agreement)

of

ARCH
REINSURANCE COMPANY

(the Subscribing Reinsurer)

with respect to the

CASUALTY CATASTROPHE EXCESS OF LOSS

REINSURANCE CONTRACT

(the Contract)

issued to

AMERICAN INTERSTATE INSURANCE COMPANY

DeRidder, Louisiana

and

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS

Austin, Texas

and

SILVER OAK CASUALTY, INC.

DeRidder, Louisiana

and

any other insurance companies which are now or hereafter come under
the ownership,

control or management of Amerisafe, Inc.

(the Company)

The Subscribing Reinsurer shall have a 5.00% share in the interests and liabilities of the Reinsurer as set forth in the Contract attached
hereto and executed by the Company.

This Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in
force until 12:01 a.m., Standard Time, January 1, 2011.

The share of the Subscribing Reinsurer in the interests and liabilities of the
Reinsurer shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers.

IN WITNESS WHEREOF,the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below:

Signed this 7thday of JANUARY, 2010.

LOGO



|                                |  |  |  |            
|------------------------------- |  |  |  | -----------
|93948003-10 (1-1-10)            |  |  |  |            
|Casualty Catastrophe XOL  Arch |  |  |  | 12-22-09v.1



---

INTERESTS AND LIABILITIES AGREEMENT

(the Agreement)

of

CATLIN UNDERWRITING, INC.

(For and on behalf of Lloyds Syndicate #2003)

(the Subscribing Reinsurer)

with respect to the

CASUALTY CATASTROPHE EXCESS OF LOSS

REINSURANCE CONTRACT

(the Contract)

issued to

AMERICAN INTERSTATE INSURANCE COMPANY

DeRidder, Louisiana

and

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS

Austin, Texas

and

SILVER OAK CASUALTY, INC.

DeRidder, Louisiana

and

any other insurance companies which are now or hereafter come under the ownership,

control or management of Amerisafe, Inc.

(the Company)

The Subscribing Reinsurer shall have a 9.00% share in the
interests and liabilities of the Reinsurer as set forth in the Contract attached hereto and executed by the Company.

This
Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011.

The share of the Subscribing Reinsurer in the interests and liabilities of the Reinsurer shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the
Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers.

IN WITNESS WHEREOF,the
Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below:

Signed this 13thday of January, 2010.

LOGO



|                                  |  |  |  |            
|--------------------------------- |  |  |  | -----------
|93948003-10 (1-1-10)              |  |  |  |            
|Casualty Catastrophe XOL  Catlin |  |  |  | 12-22-09v.1



---

INTERESTS AND LIABILITIES AGREEMENT

(the Agreement)

of

HANNOVER RUCKVERSICHERUNG AG

(the Subscribing Reinsurer)

with respect to the

CASUALTY CATASTROPHE EXCESS OF LOSS

REINSURANCE CONTRACT

(the Contract)

issued to

AMERICAN INTERSTATE INSURANCE COMPANY

DeRidder, Louisiana

and

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS

Austin, Texas

and

SILVER OAK CASUALTY, INC.

DeRidder, Louisiana

and

any other insurance companies which are now or hereafter come under the ownership,

control or management of Amerisafe, Inc.

(the Company)

The Subscribing Reinsurer shall have a 7.50% share in the interests
and liabilities of the Reinsurer as set forth in the Contract attached hereto and executed by the Company.

This Agreement shall
commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011.

The share of the Subscribing Reinsurer in the interests and liabilities of the Reinsurer shall be several and not joint with the share of any
other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers.

IN WITNESS WHEREOF,the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below:

Signed this 18thday of January, 2010.

LOGO



|                                    |  |  |  |            
|----------------------------------- |  |  |  | -----------
|93948003-10 (1-1-10)                |  |  |  |            
|Casualty Catastrophe XOL  Hannover |  |  |  | 12-22-09v.1



---

INTERESTS AND LIABILITIES AGREEMENT

(the Agreement)

of

HARBOR POINT REINSURANCE U.S., INC.

(the Subscribing Reinsurer)

with respect to the

CASUALTY CATASTROPHE EXCESS OF LOSS

REINSURANCE CONTRACT

(the Contract)

issued to

AMERICAN INTERSTATE INSURANCE COMPANY

DeRidder, Louisiana

and

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS

Austin, Texas

and

SILVER OAK CASUALTY, INC.

DeRidder, Louisiana

and

any other insurance companies which are now or hereafter come under the ownership,

control or management of Amerisafe, Inc.

(the Company)

The Subscribing Reinsurer shall have a 5.00% share in the interests
and liabilities of the Reinsurer as set forth in the Contract attached hereto and executed by the Company.

This Agreement shall
commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011.

The share of the Subscribing Reinsurer in the interests and liabilities of the Reinsurer shall be several and not joint with the share of any
other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers.

IN WITNESS WHEREOF,the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below:

Signed this 11thday of January, 2010.

LOGO



|                                        |  |  |  |            
|--------------------------------------- |  |  |  | -----------
|93948003-10 (1-1-10)                    |  |  |  |            
|Casualty Catastrophe XOL  Harbor Point |  |  |  | 12-22-09v.1



---

INTERESTS AND LIABILITIES AGREEMENT

(the Agreement)

of

MUNICH REINSURANCE AMERICA, INC.

(the Subscribing Reinsurer)

with respect to the

CASUALTY CATASTROPHE EXCESS OF LOSS

REINSURANCE CONTRACT

(the Contract)

issued to

AMERICAN INTERSTATE INSURANCE COMPANY

DeRidder, Louisiana

and

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS

Austin, Texas

and

SILVER OAK CASUALTY, INC.

DeRidder, Louisiana

and

any other insurance companies which are now or hereafter come under the ownership,

control or management of Amerisafe, Inc.

(the Company)

The Subscribing Reinsurer shall have a 10.00% share in the interests
and liabilities of the Reinsurer as set forth in the Contract attached hereto and executed by the Company.

This Agreement shall
commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011.

The share of the Subscribing Reinsurer in the interests and liabilities of the Reinsurer shall be several and not joint with the share of any
other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers.

IN WITNESS WHEREOF,the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below:

Signed this 12thday of January, 2010.

LOGO



|                                  |  |  |  |            
|--------------------------------- |  |  |  | -----------
|93948003-10 (1-1-10)              |  |  |  |            
|Casualty Catastrophe XOL  Munich |  |  |  | 12-22-09v.1



---

INTERESTS AND LIABILITIES AGREEMENT

(the Agreement)

of

PARIS RE

(the Subscribing Reinsurer)

with respect to the

CASUALTY CATASTROPHE EXCESS OF LOSS

REINSURANCE CONTRACT

(the Contract)

issued to

AMERICAN INTERSTATE INSURANCE COMPANY

DeRidder, Louisiana

and

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS

Austin, Texas

and

SILVER OAK CASUALTY, INC.

DeRidder, Louisiana

and

any other insurance companies which are now or hereafter come under the ownership,

control or management of Amerisafe, Inc.

(the Company)

The Subscribing Reinsurer shall have a 10.00% share in the interests
and liabilities of the Reinsurer as set forth in the Contract attached hereto and executed by the Company.

This Agreement shall
commence at 12:01 a,m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011.

The share of the Subscribing Reinsurer in the interests and liabilities of the Reinsurer shall be several and not joint with the share of any
other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers.

IN WITNESS WHEREOF,the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below:

Signed this 11thday of January, 2010.

LOGO

LOGO



|                                    |  |  |  |            
|----------------------------------- |  |  |  | -----------
|93948003-10 (1-1-10)                |  |  |  | 12-22-09v.1
|Casualty Catastrophe XOL  Paris Re |  |  |  |            



---

INTERESTS AND LIABILITIES AGREEMENT

(the Agreement)

of

TOKIO MILLENIUM RE LTD.

(the Subscribing Reinsurer)

with respect to the

CASUALTY CATASTROPHE EXCESS OF LOSS

REINSURANCE CONTRACT

(the Contract)

issued to

AMERICAN INTERSTATE INSURANCE COMPANY

DeRidder, Louisiana

and

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS

Austin, Texas

and

SILVER OAK CASUALTY, INC.

DeRidder, Louisiana

and

any other insurance companies which are now or hereafter come under the ownership,

control or management of Amerisafe, Inc.

(the Company)

The Subscribing Reinsurer shall have a 10.00% share in the interests
and liabilities of the Reinsurer as set forth in the Contract attached hereto and executed by the Company.

This Agreement shall
commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011.

The share of the Subscribing Reinsurer inthe interests and liabilities of the Reinsurer shall be several and not joint with the share
of any other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers.

IN WITNESS WHEREOF,the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below:

Signed this 19thday of January, 2010.

LOGO

LOGO



|                                 |  |  |  |            
|-------------------------------- |  |  |  | -----------
|93948003-10 (1-1-10)             |  |  |  | 12-22-09v.1
|Casualty Catastrophe XOL  Tokio |  |  |  |            



---

INTERESTS AND LIABILITIES AGREEMENT

(the Agreement)

of

UNDERWRITERS AT LLOYDS, LONDON

AS SET FORTH IN THE SIGNING PAGE(S) ATTACHED HERETO

(the Subscribing Reinsurer)

with respect to the

CASUALTY CATASTROPHE EXCESS OF LOSS

REINSURANCE CONTRACT

(the Contract)

issued to

AMERICAN INTERSTATE INSURANCE COMPANY

DeRidder, Louisiana

and

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS

Austin, Texas

and

SILVER OAK CASUALTY, INC.

DeRidder, Louisiana

and

any other insurance companies which are now or hereafter come under the ownership,

control or management of Amerisafe, Inc.

(the Company)

The Subscribing Reinsurer shall have a share in the interests
and liabilities of the Reinsurer as set forth in the Contract attached hereto and executed by the Company. The Subscribing Reinsurers percentage share shall equal the sum of the final signed lines percentage share(s) as executed on
the attached signing page(s) for Lloyds Underwriters.

This Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010
and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011.

The share of the Subscribing Reinsurer in the interests
and liabilities of the Reinsurer shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing
reinsurers.

IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement per the
attached signing page(s).

LOGO



|                                   |  |  |  |            
|---------------------------------- |  |  |  | -----------
|93948003-10 (1-1-10)               |  |  |  | 12-22-09v.1
|Casualty Catastrophe XOL  Lloyds |  |  |  |            



---

INTERESTS AND LIABILITIES AGREEMENT

(the Agreement)

of

ASPEN INSURANCE UK LIMITED

(the Subscribing Reinsurer)

with respect to the

CASUALTY CATASTROPHE EXCESS OF LOSS

REINSURANCE CONTRACT

(the Contract)

issued to

AMERICAN INTERSTATE INSURANCE COMPANY

DeRidder, Louisiana

and

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS

Austin, Texas

and

SILVER OAK CASUALTY, INC.

DeRidder, Louisiana

and

any other insurance companies which are now or hereafter come under the ownership,

control or management of Amerisafe, Inc.

(the Company)

The Subscribing Reinsurer shall have a 10.00% share in the interests
and liabilities of the Reinsurer as set forth in the Contract attached hereto and executed by the Company.

This Agreement shall
commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011.

The share of the Subscribing Reinsurer in the interests and liabilities of the Reinsurer shall be several and not joint with the share of any
other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers.

IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below:

Signed this 31stday of December, 2009.

LOGO



|                                    |  |  |  |            
|----------------------------------- |  |  |  | -----------
|93948003-10 (1-1-10)                |  |  |  | 12-22-09v.1
|Casualty Catastrophe XOL  Aspen UK |  |  |  |            



---

LOGO

|          |  |   |  |                                                         
|--------- |  | - |  | --------------------------------------------------------
|UMR       |  | : |  | B0576UQX4990 (93948003-10)                              
|Reinsured |  | : |  | Amerisafe Insurance Company                             
|Type      |  | : |  | Casualty Catastrophe Excess of Loss Reinsurance Contract



WRITTEN LINES

B.I.P.A.R. Statement

In a co-reinsurance placement, following
reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer.

Reinsurers may not seek to
guarantee for themselves terms as favourable as those which others subsequently achieve during the placement.



|                         |  |  |  |  |  | 
|------------------------ |  |  |  |  |  | 
|Reinsurer and
Reference: |  |  |  |  |  | 

LOGO



|                   |  |        |  |       |  |             
|------------------ |  | ------ |  | ----- |  | ------------
|Written Line:      |  | 30%    |  | Ref.: |  | U00417710A0Y
|                   |  |        | 
|                   |  |        |  |       |  | LOGO        
|                   |  |        | 
|Final Signed Line: |  | 10.00% |  |       |  |             
|                   |  |        | 
|Line Conditions:   |  |        |  |       |  |             
|                   |  |        | 
|Dated:             |  |        |  |       |  |             



Written Lines
Page     1     of     6

Willis Limited, a Lloyds broker,
authorised and regulated by the Financial Services Authority.

Registered Office: 51 Lime Street, London EC3M 7DQ. Registered
Number 181116 England and Wales.



---

LOGO

|          |  |   |  |                                                         
|--------- |  | - |  | --------------------------------------------------------
|UMR       |  | : |  | B0576UQX4990 (93948003-10)                              
|Reinsured |  | : |  | Amerisafe Insurance Company                             
|Type      |  | : |  | Casualty Catastrophe Excess of Loss Reinsurance Contract





WRITTEN LINES

B.I.P.A.R. Statement

In a co-reinsurance placement, following reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer.

Reinsurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during the
placement.



|                         |  |  |  |  |  | 
|------------------------ |  |  |  |  |  | 
|Reinsurer and
Reference: |  |  |  |  |  | 

LOGO



|                   |  |        |  |       |  |               
|------------------ |  | ------ |  | ----- |  | --------------
|Written Line:      |  | 15%    |  | Ref.: |  | 113136 0110 FC
|                   |  |        | 
|Final Signed Line: |  | 10.00% |  |       |  |               
|                   |  |        | 
|Line Conditions:   |  |        |  |       |  |               
|                   |  |        | 
|Dated:             |  |        |  |       |  |               



Written Lines
Page     2     of     6

Willis Limited, a Lloyds broker,
authorised and regulated by the Financial Services Authority.

Registered Office: 51 Lime Street, London EC3M 7DQ. Registered
Number 181116 England and Wales.



---

LOGO

|          |  |   |  |                                                         
|--------- |  | - |  | --------------------------------------------------------
|UMR       |  | : |  | B0576UQX4990 (93948003-10)                              
|Reinsured |  | : |  | Amerisafe Insurance Company                             
|Type      |  | : |  | Casualty Catastrophe Excess of Loss Reinsurance Contract



WRITTEN LINES

B.I.P.A.R. Statement

In a co-reinsurance placement, following
reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer.

Reinsurers may not seek to
guarantee for themselves terms as favourable as those which others subsequently achieve during the placement.



|                         |  |  |  |  |  | 
|------------------------ |  |  |  |  |  | 
|Reinsurer and
Reference: |  |  |  |  |  | 

LOGO



|                   |  |       |  |       |  |             
|------------------ |  | ----- |  | ----- |  | ------------
|Written Line:      |  | 71/2% |  | Ref.: |  | 10SU202901HA
|                   |  |       | 
|Final Signed Line: |  | 3.75% |  |       |  |             
|                   |  |       | 
|Line Conditions:   |  |       |  |       |  |             
|                   |  |       | 
|Dated:             |  |       |  |       |  |             



Written Lines
Page     3     of     6

Willis Limited, a Lloyds broker,
authorised and regulated by the Financial Services Authority.

Registered Office: 51 Lime Street, London EC3M 7DQ. Registered
Number 181116 England and Wales.



---

LOGO

|          |  |   |  |                                                         
|--------- |  | - |  | --------------------------------------------------------
|UMR       |  | : |  | B0576UQX4990 (93948003-10)                              
|Reinsured |  | : |  | Amerisafe Insurance Company                             
|Type      |  | : |  | Casualty Catastrophe Excess of Loss Reinsurance Contract





WRITTEN LINES

B.I.P.A.R. Statement

In a co-reinsurance placement, following reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer.

Reinsurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during the
placement.

Reinsurer and

Reference:

LOGO



|                   |  |       |  |       |  | 
|------------------ |  | ----- |  | ----- |  | 
|Written Line:      |  | 71/2% |  | Ref.: |  | 
|                   |  |       | 
|Final Signed Line: |  | 7.50% |  |       |  | 
|                   |  |       | 
|Line Conditions:   |  |       |  |       |  | 
|                   |  |       | 
|Dated:             |  |       |  |       |  | 



Written Lines
Page     4     of     6

Willis Limited, a Lloyds broker,
authorised and regulated by the Financial Services Authority.

Registered Office: 51 Lime Street, London EC3M 7DQ. Registered
Number 181116 England and Wales.



---

LOGO

|          |  |   |  |                                                         
|--------- |  | - |  | --------------------------------------------------------
|UMR       |  | : |  | B0576UQX4990 (93948003-10)                              
|Reinsured |  | : |  | Amerisafe Insurance Company                             
|Type      |  | : |  | Casualty Catastrophe Excess of Loss Reinsurance Contract



WRITTEN LINES

B.I.P.A.R. Statement

In a co-reinsurance placement, following
reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer.

Reinsurers may not seek to
guarantee for themselves terms as favourable as those which others subsequently achieve during the placement.



|                         |  |       |  |       |  |    
|------------------------ |  | ----- |  | ----- |  | ---
|Reinsurer and
Reference: |  |       |  |       |  |    
|LOGO                    
|Written Line:            |  | 20%   |  | Ref.: |  | Tba
|                         |  |       | 
|Final Signed Line:       |  | 6.25% |  |       |  |    
|                         |  |       | 
|Line Conditions:         |  |       |  |       |  |    
|                         |  |       | 
|Dated:                   |  |       |  |       |  |    



Written Lines
Page 5 of 6

Willis Limited, a Lloyds broker, authorised and regulated by the Financial Services Authority.

Registered Office: 51 Lime Street, London EC3M 7DQ. Registered Number 181116 England and Wales.



---

LOGO

|          |  |   |  |                                                         
|--------- |  | - |  | --------------------------------------------------------
|UMR       |  | : |  | B0576UQX4990 (93948003-10)                              
|Reinsured |  | : |  | Amerisafe Insurance Company                             
|Type      |  | : |  | Casualty Catastrophe Excess of Loss Reinsurance Contract



WRITTEN LINES

B.I.P.A.R. Statement

In a co-reinsurance placement, following
reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer.

Reinsurers may not seek to
guarantee for themselves terms as favourable as those which others subsequently achieve during the placement.



|                         |  |        |  |       |  |             
|------------------------ |  | ------ |  | ----- |  | ------------
|Reinsurer and
Reference: |  |        |  |       |  |             
|LOGO                    
|Written Line:            |  | 121/2% |  | Ref.: |  | BA543V10A000
|                         |  |        | 
|Final Signed Line:       |  | 6.00%  |  |       |  |             
|                         |  |        | 
|Line Conditions:         |  |        |  |       |  |             
|                         |  |        | 
|Dated:                   |  |        |  |       |  |             



Written Lines
Page 6 of 6

Willis Limited, a Lloyds broker, authorised and regulated by the Financial Services Authority.

Registered Office: 51 Lime Street, London EC3M 7DQ. Registered Number 181116 England and Wales.