Document:

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                                                                   Exhibit 10.17

                         AGREEMENT BETWEEN MEDRISK, INC.

                                       AND

                          AMERISAFE RISK SERVICES, INC.
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     THIS AGREEMENT ("Agreement") is made and entered into effective as of the
31st day of March, 2005, by and between Amerisafe Risk Services, Inc, on its
own behalf and on behalf of its affiliates and subsidiaries (collectively
referred to as "ARS"), a Louisiana corporation having its principal place of
business 2301 Hwy 190 West, DeRidder, Louisiana, 70634, and MedRisk, Inc, and
its affiliates and subsidiaries (collectively referred to as "MedRisk"), a
Pennsylvania Corporation having its principal place of business at 2700
Renaissance Blvd, Suite 200, King of Prussia, Pennsylvania, 19406.

WHEREAS, ARS administers various insurance programs, including but not limited
to Worker's Compensation insurance programs to employers to provide and manage
appropriate remedial treatment, care and attendance to injured workers in
accordance with appropriate state laws through ARS's claims processing systems;

WHEREAS, MedRisk manages networks of providers and provides repricing,
utilization and management and business services to facilitate and expedite the
transmission of information and payments between providers of medical services
and commercial claim payers and to improve claim management effectiveness of
commercial claim payers; and

WHEREAS, the Parties desire to enter into this Agreement for MedRisk to provide
services listed below on the terms and conditions set forth herein for the
benefit of ARS, its affiliates and subsidiaries and for the benefit of ARS's
insureds and their injured workers.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the
execution of this Agreement and other valuable consideration, the adequacy and
receipt of which is hereby acknowledged, and intending to be legally bound, the
parties agree as follows:

SECTION 1. DEFINITIONS

1.1  SYSTEM - means MedRisk's proprietary internet-based web enabled claims
     management software products and services known as CLAIMExpert(SM), which
     provides the following capabilities:

     Facilitates and expedites the transmission of information between providers
     of medical services and commercial claim payers, scans and digitizes
     provider bills and supporting documents, routes and links this information
     in electronic format, and archives and retrieves this information for use
     by claim adjusters.

     Electronically identifies and transmits to the commercial claim payers key
     indicators of significant claim events, matches imported files of claim
     data with medical bills received from medical providers and medical payment
     recommendations developed by bill review agents, consolidates and evaluates
     all medical payment recommendations, generates a funding request to the
     commercial claim payer.

1.2  DOCUMENTATION - means the MedRisk materials describing the Services and
     System, which includes all web-enabled updates, training tools, modules and
     changes made to the system from time to time by MedRisk.

                                       2
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1.3  SERVICES - means the services provided by MedRisk as described in the
     Section 2 and Attachment A of this Agreement.

SECTION 2. MEDRISK'S OBLIGATIONS

2.1  MedRisk grants a non-exclusive, non-sublicensable enterprise-wide license
     to ARS to use and have access to the System, Services and Documentation
     pursuant to this Agreement.

2.2  In connection with the performance of its obligations under this Agreement,
     MedRisk shall provide trained, competent and, where required by law or
     coverage provision, licensed employees to perform the services rendered
     hereunder in a manner commensurate with the highest professional standards
     and in good faith.

2.3  MedRisk will deliver CLAIMExpert(SM) to ARS in accordance with a mutually
     agreed upon time schedule and customized to ARS's business rules and to
     state-specific requirements.

2.4  MedRisk will provide training ARS field claim offices in order to
     facilitate optimum application of CLAIMExpert(SM) by ARS claim adjusters.

2.5  MedRisk will test CLAIMExpert(SM), prior to installation in each claim
     office in order to reduce disruption to ARS's claim management processes.

2.6  MedRisk will maintain and provide enhancements to CLAIMExpert(SM)' in
     accordance with reasonable ARS business requirements.

2.7  During the implementation stage of CLAIMExpert(SM) to ARS field claim
     offices, MedRisk will meet the reasonable phasing demands of ARS which
     require MedRisk development and training services.

SECTION 3. ARS'S OBLIGATIONS

3.1  ARS will promptly notify MedRisk when CLAIMExpert(SM) processes and
     outcomes are not meeting ARS expectations and will cooperate with MedRisk
     in identifying and constructing corrective actions.

3.2  ARS will pay MedRisk for CLAIMExpert(SM) according to the rates listed in
     Attachment A.

3.3  ARS will use commercially reasonable efforts to adopt CLAIMExpert(SM) as
     standard components for ARS's workers compensation claims processes.

3.4  ARS appoints MedRisk as its agent for receiving provider bills and
     supporting documents naming ARS as payer and addressed to ARS.

3.5  Prior to authorizing MedRisk to receive provider bills and supporting
     documents on behalf of ARS via third-party electronic data transmission
     facilities, ARS will agree to comply with any reasonable material terms of
     the agreements between MedRisk and third-party electronic data transmission
     facilities which are disclosed by MedRisk to ARS.

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SECTION 4. PRICING AND PAYMENT TERMS

     MedRisk and ARS agree to the pricing and payment terms and provisions as
     set forth in Exhibit A.

SECTION 5. FUTURE VERSIONS OF THE SYSTEM

     in the event the System is improved by MedRisk, the fees payable by ARS
     under this Agreement will not be increased during the term hereof due to
     any such improvements or upgrades to the System, unless otherwise agreed to
     in writing by the parties.

SECTION 6. DISCONTINUANCE

     In the event that MedRisk discontinues its support of the System or
     discontinues its business, and support is no longer reasonably available
     from any other source, then MedRisk shall furnish to ARS, upon ARS's
     written request. Such documentation including source code, as ARS
     reasonably requires to continue to use the System in accordance with this
     Agreement. Upon delivery, ARS shall be entitled to make copies of, and
     create derivative works based upon, such documentation to the extent
     necessary for such continued use. In the event that MedRisk discontinues
     support of the System or discontinues its business, MedRisk shall, upon
     written request from ARS, provide ARS with the names of persons providing
     support for the System. ARS agrees that in no event shall ARS market the
     System, or any derivative based thereon, at any time to any third party.
     Provided that MedRisk continues in business and offers the system for use
     as part of its business, termination pursuant to Section 15 will not
     trigger the provisions of this section.

SECTION 7. PROPRIETARY RIGHTS

     MedRisk represents and warrants that it is the sole owner of all
     proprietary rights and intellectual property associated with the System and
     that it has the full right and authority to grant the license and make the
     warranties set forth in this Agreement. MedRisk shall take all actions that
     are necessary and appropriate for the full protection of its proprietary
     rights in the System, including, without limitation, obtaining copyright
     registrations on copyrightable aspects of the System and obtaining written
     and executed license agreements with all users of the System or any portion
     thereof. MedRisk's indemnification obligations with respect to claims of
     infringement shall be as set forth in Section 10 below.

SECTION 8. WARRANTY ON SYSTEM

     MedRisk represents and warrants that the System will perform substantially
     in accordance with the Documentation during the term of this Agreement If
     the System does not perform as warranted in this Section or Appendix A, ARS
     will notify MedRisk and MedRisk will utilize reasonable commercial efforts
     at no additional charge in order to correct or replace the defective
     portions of the System.

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SECTION 9. REPRESENTATION AND WARRANTIES OF PARTIES

     Each party warrants and represents to the other party that the transactions
     and activities contemplated herein (i) are within the corporate powers of
     such party; (ii) have been duly authorized by all necessary corporate
     action of such party; (iii) constitute the legal, valid and binding
     obligation of such party, enforceable against it in accordance with its
     terms and (iv) do not and will not conflict with, result in a breach in any
     of the provisions of, or constitute a default under the provisions of, any
     law, regulation, licensing requirement, charter provision, by-law or other
     instrument applicable to such party or its employees or which such party is
     a party or may be bound.

     The parties each reserve the right to enter into other agreements similar
     to this Agreement with actual and potential competitors of each other, on
     comparable or on different terms and conditions.

SECTION 10. INDEMNIFICATION

     MedRisk shall defend and hold ARS harmless with respect to any claim that
     the System infringes any patent, copyright, trade secret or other
     intellectual property right of any third party, provided ARS promptly
     notifies MedRisk in writing of any such claim and gives MedRisk reasonable
     assistance in the defense of such claim MedRisk shall pay any damages and
     costs awarded against ARS in connection with a claim for infringement under
     this section. MedRisk shall have sole control over the resolution of any
     claim; however, MedRisk shall obtain the prior written consent of ARS prior
     to settlement. MedRisk shall have no liability or obligation to ARS with
     respect to any such claim if such claim is based upon any modification of
     the System made by ARS. In the event that any such claim of infringement is
     made or threatened, or injunctive relief is granted to the third-party
     claimant, MedRisk shall, at the option of ARS either: (a) obtain the right
     for ARS to continue using the System; (b) provide a non-infringing
     work-around; or (c) modify the System to render it non-infringing while
     retaining like capability.

SECTION 11. MARKETING

     ARS may, at its discretion, list MedRisk's name, address, telephone number,
     public credentials and a factual description of MedRisk in ARS marketing
     materials MedRisk shall provide ARS with accurate and appropriate
     information on a timely basis.

     ARS may incorporate CLAIMExpert(SM) into ARS's internal systems and claims
     processes without attribution to MedRisk or specific identification of
     CLAIMExpert(SM) as service components.

     Both parties reserve the right to, and the control of, the use of their
     respective names, symbols, trademarks and service marks, which they now use
     or may later develop. In addition, neither party shall use the other
     party's name, symbols, trademarks, or service marks in advertising,
     promotional materials, press releases or other materials without the prior
     written consent of the other party.

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SECTION 12. PRIVACY, CONFIDENTIALITY AND PROPRIETARY RIGHTS

12.1 Each party will comply with all applicable federal and state laws
     protecting the privacy of individual claimants, including laws regulating
     the use of medical information relating to the diagnoses, treatments,
     prognoses and underlying medical conditions of claimants and the use of
     personal information relating to a claimant's identity, activities or
     financial status.

12.2 "Confidential Information" shall be defined as any confidential, non-public
     or proprietary information, data or material, whether written, oral, via
     computer disk or other electronic media, which Recipient may obtain
     knowledge of through or as a result of the relationship established
     hereunder with the Disclosing Party, access to the Disclosing Party's
     premises, web application or server, or communications with its employees,
     agents or contractors, including, without limitation, product, programs,
     technical, systems, marketing, sales, process, financial, strategic, and
     computer programming information personal, financial or health information,
     negotiated contract rates, customer lists, lists of employees and agents,
     hospitals, physicians and other provider agreements and related
     information. Confidential Information also includes information of any
     direct or indirect parent, affiliate or subsidiary of the Disclosing Party.
     Recipient acknowledges that the Confidential Information is proprietary
     information that constitutes trade secrets of the Disclosing Party, which
     if disclosed could damage the Disclosing Party's business.

12.3 Each party acknowledges that the other party's Confidential Information
     constitutes valuable property and trade secrets of that party, which are
     entitled to protection. Each party shall hold all Confidential Information
     of the other party in strict confidence, and neither party nor any of its
     affiliates or representatives shall directly or indirectly (i) use or
     permit the use of any of the other party's Confidential Information for or
     in connection with development of competing products or services or for any
     purpose other than the performance of this Agreement or fulfilling said
     party's obligations under this Agreement, (ii) disclose or permit the
     disclosure of any of the other party's Confidential information to any
     person or entity other than the other party's affiliates or
     representatives, or (iii) duplicate, copy, or disclose any of the other
     party's Confidential Information except with the prior consent of the other
     party, or except for review by such party's officers or affiliates or their
     representatives. Each party acknowledges that the obligation to hold the
     other party's Confidential Information in confidence and not to use, copy,
     or disclose it shall not extend to the following information that would
     otherwise constitute Confidential Information:

     (a) Information that, at the time of the use, copying, or disclosure, was
     readily ascertainable from public sources or was in its totality known by
     or available to competitors, clients or customers of either party by
     publication or otherwise, except for sources which arise by virtue of this
     Agreement;

     (b) Information that comes into a party's possession from a third party and
     that was not acquired by such third party in violation of any obligation of
     confidentiality; or

     (c) Information required to be disclosed by law.

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     In addition, either party may disclose Confidential Information of the
     other party to the disclosing party's legal counsel.

12.4 Within ten (10) days after a party receives written request from the other
     party for the return of Confidential Information, the receiving party shall
     deliver to the requesting party all documents and other materials
     constituting such Confidential Information, including all copies,
     reproductions, extracts, and summaries of such Confidential Information in
     its possession, use, or control. Any portion of the Confidential
     Information that consists of analyses, computations, studies, or notes
     prepared by the receiving party or its affiliates or representatives, shall
     be either held by the receiving party or its affiliates or representatives
     and kept confidential subject to the terms of this Agreement or destroyed.

12.5 Without in any way limiting any other obligations or liability of each
     party under this Agreement, each party shall take all appropriate and
     reasonable action, by instruction otherwise, to prevent the unauthorized
     use, disclosure, copying, or reproduction of the Confidential Information
     and to protect and maintain the confidentiality of the Confidential
     Information. Each party shall advise its affiliates and representatives of
     the terms of this section and use reasonable efforts to cause each of them
     to comply with its terms. Each party shall immediately notify the other
     party of the circumstances surrounding any breach of this Section of which
     it becomes aware. Neither party shall attempt to access information not
     necessary for its performance hereunder.

12.6 Both parties agree that money damages would not be a sufficient remedy for
     any breach of confidentiality under this Agreement by the receiving party
     and that the disclosing party shall be entitled to seek specific
     performance as a remedy of any breach, in addition to all other remedies
     available at law or in equity. In the event that the disclosing party takes
     legal proceedings to protect its confidentiality or proprietary rights
     pursuant to this Agreement, it shall be entitled to reimbursement by the
     receiving party of reasonable legal fees and expenses incurred in
     connection with such proceedings in the event the disclosing party shall
     substantially prevail in its claims.

12.7 ARS shall be permitted to demonstrate the System as part of its marketing
     and business development efforts and as part of its first notice of loss
     processes.

12.8 MedRisk acknowledges and agrees that ARS is the owner of all data entered
     into the System. Upon request of ARS, MedRisk shall provide access within
     two (2) business days to ARS data entered into the System. MedRisk shall
     not disclose to any third party any claimant or insured information
     including, but not limited to, name, address, telephone number, diagnosis,
     injury, medical history, treatment, claim number or any other personal
     medical or financial information without the prior written consent of ARS.

SECTION 13. SECURITY

13.1 ARS reserves the right to monitor all network traffic between MedRisk and
     ARS systems and may take actions to secure and protect such systems as
     appropriate. ARS reserves

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     the right to review MedRisk's perimeter security, connecting network and
     any hardware connecting to ARS systems with appropriate notice provided to
     MedRisk.

13.2 ARS shall determine the access methods and rights MedRisk shall have to all
     ARS systems and information, including Confidential Information. MedRisk
     shall comply with the authorization process for MedRisk users and
     associated privileges.

13.3 MedRisk shall, at all times, maintain a list of individuals authorized to
     access ARS systems and ARS Confidential Information, including each
     individual user's rights and privileges with respect to such use. ARS shall
     have the right to monitor user activity and revoke user access, as
     determined in its sole discretion.

SECTION 14. INSURANCE AND INDEMNITY

14.1 MedRisk, at its sole expense, shall maintain, at all times while
     obligations under this Agreement remain to be performed by MedRisk, the
     following coverages and limits:

     (a) Standard workers compensation insurance as required by law and
     employers liability insurance with the limits of liability of no less than
     one million dollars ($1,000,000);

     (b) Commercial general liability insurance with the limits of liability of
     no less than two million dollars ($2,000,000);

     (c) Commercial umbrella liability insurance, with limits of no less than
     one million dollars ($1,000,000);

     (d) Errors and omissions liability insurance, with limits of no less than
     five million dollars ($5,000,000); and

     (e) Automobile liability insurance, with limits of no less than one million
     dollars ($1,000,000).

14.2 Med Risk shall deliver to ARS upon its request a certificate of insurance
     evidencing such coverages within ten (10) days of the execution of this
     Agreement by both parties. Upon receipt of any notice of any cancellation,
     change, amendment, or exclusion of such coverages, MedRisk shall, within
     ten (10) days thereafter, procure other insurance coverages to replace the
     items which are cancelled, changed, amended, or excluded.

SECTION 15. TERM AND TERMINATION

15.1 Initial Term. The Initial Term of this agreement shall commence on the
     effective date first above written and shall continue for three (3) years.
     Thereafter, this Agreement shall automatically renew for successive one (1)
     year terms until and unless it is terminated as provided below.

15.2 Termination Without Cause. After the Initial Term, this Agreement may be
     terminated without cause by either party upon at least ninety (90) days'
     written notice.

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15.3 Breach of Agreement and Termination For Cause. This Agreement may be
     terminated for cause at any time upon thirty (30) days' written notice by
     either party in the event of one of the following events of default:

     (a) By either party, in the event of a failure by the other party to
     perform any material obligation under this Agreement in any material
     respect if said failure is not corrected by the defaulting party within the
     thirty (30) days' notice period; or

     (b) By either party, if the other party becomes involved in a voluntary or
     involuntary bankruptcy proceeding or otherwise becomes insolvent; or

     (c) By either party, in the event of the failure of the other party to
     maintain any of the licenses, certifications or accreditations necessary to
     conduct the business required under this Agreements; or

     (d) By either party in the event of a change in applicable state or federal
     law or regulation, by virtue of the adoption or amendment of statutes,
     rules or regulations or by administrative or judicial orders or decisions,
     in a manner which significantly reduces or precludes either or both
     parties' ability to perform under this Agreement.

15.4 Notwithstanding the termination of this Agreement as otherwise provided,
     the provisions of this Agreement shall continue to apply to the extent
     needed for all obligations and liabilities incurred by each party hereunder
     prior to such termination to be fully performed and discharged by such
     party.

SECTION 16. INDEPENDENT CONTRACTOR

The parties are independent entities. Nothing in this Agreement shall be
construed to create relationship of employer and employee, principal and agent,
joint ventures, partners, or any relationship other than independent
contractors. MedRisk and ARS assume full responsibility or the actions of their
respective employees while performing services pursuant to this Agreement and
shall be solely responsible for the payment of salaries, wages, and benefits of
such employees. MedRisk does not have the authority to act for ARS, to bind ARS
in any respect whatsoever or to incur any debts or liabilities in the name of or
on behalf of ARS.

SECTION 17. OBLIGATIONS AFTER TERMINATION

Each party will remain liable for any obligations or liabilities arising from
its conduct prior to termination.

SECTION 18. RECORDS RETENTION

MedRisk agrees to maintain all transaction information regarding Consumers on
the System for a period of one (1) year. The parties agree that all transaction
information regarding Consumers maintained in the System beyond one (1) year
shall be subject to a mutually agreed upon method of storage or transfer to
Client. MedRisk agrees to provide ARS access within two (2) business days to ARS
data entered into the System and stored by MedRisk.

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SECTION 19. AUDIT

The parties agree to perform an audit of MedRisk's obligations described in
Sections 2 3, 2.4, 2.5 and 2.6 at mutually agreed upon intervals. The audit
shall be performed by two (2) representatives of ARS and two (2) representatives
of MedRisk. Any adjustments or credits based on the results of such audit shall
be mutually agreed upon.

SECTION 20. NOTICES

Notices to ARS shall be made to the following address:

          Amerisafe Risk Services, Inc.
          2301 Hwy 190 West
          DeRidder, LA 70634
          Attn: H. O. "Chris" Lestage, IV

Notices to MedRisk shall be mailed to the following address:

          MedRisk, Inc.
          2701 Renaissance Blvd., Suite 200
          P.O Box 61570
          King of Prussia, PA 19406
          Attn: Darrell L DeMoss

All notices required or permitted hereunder shall be in writing and shall be
deemed to be properly given when personally delivered to a party or to any
officer or designated representative of a party entitled to receive the notice
or five (5) days after mailing when properly addressed and sent by certified or
registered first class mail, or upon receipt if transmitted by facsimile with
proof of delivery or by nationally recognized private overnight carrier with
proof of delivery to the party entitled to receive such notice at the
appropriate address.

SECTION 21. SEVERABILITY

The provisions of this Agreement are independent of and separate from each
other. If any one provision is determined to be invalid or unenforceable, it
shall not render any other provision invalid or unenforceable.

SECTION 22. ASSIGNMENT

Neither party shall transfer, assign, sub-contract or delegate in whole or in
part any of its rights or obligations under this Agreement without the prior
written consent of the other party, which consent cannot be unreasonably
withheld. Except for the prohibition on assignment contained in the preceding
sentence, this Agreement shall be binding upon and inure to the benefit of the
heirs, successors, and assigns of the parties hereto.

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SECTION 23. ENTIRE AGREEMENT

This Agreement contains the entire agreement between the parties, as to the
subject matter hereof, and may not be waived, altered, or modified except by
written agreement of the parties Any interpretation of this Agreement shall be
governed by Pennsylvania statutes and laws, including those relating to conflict
of laws.

IN WITNESS WHEREOF the parties have executed this Agreement effective as of the
date above written by their duly authorized officers for and on behalf of said
corporation.

MEDRISK, INC.:

By: /s/ Derrell L. DeMoss
    ----------------------------------
Name: Derrell L. DeMoss
Title: General Counsel
Date: 4/1/2005

AMERISAFE RISK SERVICES, INC.:

By: /s/ H.O. Lestage IV
    ----------------------------------
Name: H.O. "Chris" Lestage
Title: Senior Vice President, Claims
Date: March 31, 2005

                                       11<PAGE>
                                                                   Exhibit 10.18

                                      LEASE

The following contract of lease is made and entered into by and between THE
PHOENIX HAT COMPANY, LLC, herein represented by Aubrey T. Temple, Jr.,
hereinafter referred to as "Lessor," and AMERISAFE, Inc., herein represented by
its duly authorized chief executive officer, C. Allen Bradley, Jr., hereinafter
referred to as "Lessee."

                                       1.

For the consideration and upon the terms and conditions hereinafter expressed,
Lessor does rent, let and lease unto Lessee, here present and accepting the
same, for a period of ONE (1) YEAR, commencing JANUARY 1, 2005, and ending
DECEMBER 31, 2005, the following described Premises:

          24,888 square feet of office space and 3,090 square feet of warehouse
          space located at 1808 HIGHWAY 190 WEST, DERIDDER, LOUISIANA, to be
          used by AMERISAFE, Inc. as an office and a climate-controlled
          warehouse. Attached hereto and made a part hereof as Exhibit A is a
          drawing of the Premises which accurately reflects the space to be
          occupied by Lessee. In addition to the Premises, the Lessor shall
          provide parking spaces as needed for use by Lessee's employees and
          customers/guests.

Lessor grants Lessee the option to cancel this lease upon giving written notice
of same on or before OCTOBER 1, 2004.

                                       2.

The consideration of this lease is the payment by Lessee to Lessor of an ANNUAL
BASE RENTAL of $249,934.00, payable in monthly installments of TWENTY THOUSAND
EIGHT HUNDRED TWENTY SEVEN AND 84/100 ($20,827.84) DOLLARS each, the first
installment being due and payable on the 1st day of JANUARY, 2005, and the
remaining installments being due and payable, respectively on the 1st day of
each month thereafter.

         Lease between The Phoenix Hat Company, LLC and AMERISAFE, Inc.
                                   Page 1 of 7
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                                       3.

Lessor grants to the Lessee the option to extend this lease from the end of its
term for FOUR (4) additional periods of ONE (1) year each upon giving written
notice of same on or before JULY 1st of each year prior to the expiration date
of this lease, on the same terms and conditions as specified in the primary
lease except as to the Annual Base Rental amount which shall be $253,934.00 for
2006, $258,094.00 for 2007, $262,420.40 for 2008, and $266,919.86 for 2009. If
Lessee fails to give written notice to Lessor of its intention to exercise the
option to extend the lease by July 1st of any year, then the lease shall
terminate effective as of December 31st of that year.

                                       4.

The Base Rental shall be subject to adjustment each calendar year, effective
January 1 of each year, but only once per calendar year, to compensate for
changes in Lessor's cost of electricity, which said Cost of Electricity is
assumed to be $50,000.00 per annum for the year of 2004. If Lessor's cost of
electricity for any calendar year increases per unit of electricity, Lessee's
Base Rental for said calendar year shall be increased by a sum equal to the
product of multiplying (a) the Cost of Electricity for the previous calendar
year times (b) the percentage increase in the cost of electricity per unit of
electricity from the previous year. Said product shall be hereinafter be
referred to as "ELECTRICAL COST INCREASES". It shall be the responsibility of
Lessor to provide Lessee with information sufficient to justify the Electrical
Cost Increases. Commencing in 2005 and each year thereafter, not later than
March 1 of each year, Lessor may elect to require that the Base Rental be
adjusted for that year retroactive to January 1 of that year, on the basis of
Lessor's estimates of Electrical Cost Increases. A final adjustment of the Base
Rental for each calendar year shall be made the following year based upon final
determination of Lessor's Electrical Cost Increases. In the event final
determination indicates that the actual

         Lease between The Phoenix Hat Company, LLC and AMERISAFE, Inc.
                                   Page 2 of 7
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Electrical Cost Increases exceed Lessor's prior estimated Electrical Cost
Increases, Lessor shall be immediately due the difference. Should Lessor's
actual Electrical Cost Increases as finally determined be less than Lessor's
estimated Electrical Cost Increases, Lessee shall be due the difference as a pro
rata reduction in future Electrical Cost Increase, provided however, in no event
shall the annual Base Rental be less than the original amount. Additionally,
should the Lessee significantly change its operation in the Premises resulting
in significant additional electrical cost to the Lessor, the Parties shall
negotiate to amend the Base Rental to reflect the appropriate increase in
electrical cost.

                                       5.

All monthly payments of rent as herein fixed shall be paid by Lessee to THE
PHOENIX HAT COMPANY, LLC, P.O. BOX 1025, DERIDDER, LA 70634, unless notified
differently.

                                       6.

Lessor shall deliver the leased premises to the Lessee at the beginning of this
lease in thoroughly sanitary and tenantable condition, and, by assuming
possession, Lessee admits that it has examined the leased premises and found
them to be in good, safe, and acceptable condition.

                                       7.

Lessor shall have sole responsibility for all maintenance and repair to the
heating and air conditioning systems, plumbing systems (including plumbing
fixtures), sewerage disposal systems, electrical systems, light fixtures
(excluding replacement of light bulbs and fluorescent tubes), and all other
equipment furnished by the Lessor. The Lessor shall be responsible for
maintaining the entire building and site in good condition throughout the term
of the lease. Lessor shall make all such repairs to the premises as may become
necessary because of breakage or other damages not attributable to the
negligence or fault of the Lessee, its employees, agents, invitees, or visitors.

         Lease between The Phoenix Hat Company, LLC and AMERISAFE, Inc.
                                   Page 3 of 7
<PAGE>
                                       8.

Communications cable/wire shall be provided in the lease space by the Lessor.
All communications equipment (computers, modems, multiplexers, telephone
systems, intercoms, etc.) will be installed, maintained and paid for by the
Lessee. The Lessee will order and pay for dial tone and data services from the
telephone company.

                                       9.

Lessor shall pay for all utilities such as electricity, gas, water, and sewer.
Lessee shall be responsible for all janitorial services for the premises.

                                       10.

If, prior to the termination of this lease, through no fault, neglect or design
of Lessee, the leased premises and/or said building be destroyed by fire or
other casualty, or be unfit for occupancy, then this lease shall be cancelled
ipso facto, unless the leased premises can be rendered fit for occupancy within
one hundred twenty (120) days from the happening of such fire or other casualty
and the Lessor commences the repairs to the damages within thirty (30) days of
the occurrence. The Lessee shall be entitled to such reduction or remission of
rent as shall be just and proportionate. If this lease be cancelled for such
cause, Lessee shall be entitled to a credit corresponding to the unexpired term
of this lease, the unearned proportion of rent shall be annulled and returned to
Lessee, and Lessor shall have the right to take possession of the leased
premises, discharged of this lease. If the leased premises and/or said building
be only so slightly injured by fire or other casualty as not to render the
premises unfit for occupancy, Lessor agrees that same shall be repaired with
reasonable diligence, in which event Lessee shall not be entitled to any
reduction or remission of rent whatever.

         Lease between The Phoenix Hat Company, LLC and AMERISAFE, Inc.
                                   Page 4 of 7
<PAGE>
                                       11.

Lessee agrees to carry commercially general liability insurance of $1,000,000
combined single limits per occurrence for Bodily Injury/Property Damage claims
for those incidents in which the occurrence is the result of the negligence of
the lessee.

                                       12.

It is agreed that if the Lessee should request any sublease of the premises or
assignment of this lease, such sublease or assignment must be approved in
advance in writing by the Lessor.

                                       13.

Any controversy or claim relating to this contract, including the construction
or application of this contract, will be settled by binding arbitration under
the rules of the American Arbitration Association, and any judgment granted by
the arbitrator(s) may be enforced in any court of proper jurisdiction.

                                       14.

This Lease Agreement contains the entire agreement of the parties and there are
no other promises or conditions in any other agreement whether oral or written.
This Lease may be modified or amended in writing, if the writing is signed by
the party obligated under the amendment.

                                       15.

If any portion of this Lease shall be held to be invalid or unenforceable for
any reason, the remaining provisions shall continue to be valid and enforceable.
If a court finds that any provision of this Lease is invalid or unenforceable,
but that by limiting such provision, it would become valid and enforceable, then
such provision shall be deemed to be written, construed, and enforced as so
limited.

         Lease between The Phoenix Hat Company, LLC and AMERISAFE, Inc.
                                   Page 5 of 7
<PAGE>
                                       16.

The failure of either party to enforce any provisions of this Lease shall not be
construed as a waiver or limitation of that party's right to subsequently
enforce and compel strict compliance with every provision of this Lease.

                                       17.

The rights of the parties under this Lease are cumulative, and shall not be
construed as exclusive unless otherwise required by law.

                                       18.

This lease shall be construed in accordance with the laws of the State of
Louisiana.

                                       19.

All notices required under this lease shall be in writing and shall be sent by
United States Mail and in the case of notices to the Lessor shall be addressed
as follows or in such manner as the Lessor shall from time to time make
notification to the Lessee:

<TABLE>
<S>                                      <C>
The Phoenix Hat Company, LLC             AMERISAFE, Inc.
Aubrey T. Temple, Jr.                    C. Allen Bradley, Jr.
P.O. Box 1025                            2301 Highway 190 West
DeRidder, LA 70634-1025                  DeRidder, LA 70634
</TABLE>

         Lease between The Phoenix Hat Company, LLC and AMERISAFE, Inc.
                                   Page 6 of 7
<PAGE>
PARISH OF BEAUREGARD  )

STATE OF LOUISIANA    )

     THUS DONE AND PASSED on this 24th day of February, 2004, and in the
presence of the competent witnesses, Erika Anderson and Kelli DeWitt, who
hereunto sign their names with the said appearers, and me, Notary Public, after
due reading of the whole.

Witnesses:                               Lessor: The Phoenix Hat Company, LLC

/s/ Erika Anderson                       /s/ Aubrey Temple
--------------------------------------   ---------------------------------------
                                         By: Aubrey T. Temple, Jr.

/s/ Kelli DeWitt
--------------------------------------

                        BEFORE ME: /s/ C. Kerry Anderson
                                   ----------------------------
                                   Notary Public
                                   LA Bar Roll No. 21442

PARISH OF BEAUREGARD  )

STATE OF LOUISIANA    )

     THUS DONE AND PASSED on this 11th day of February, 2004, and in the
presence of the competent witnesses, Arthur L. Hunt and Kathy Wells, who
hereunto sign their names with the said appearers, and me, Notary Public, after
due reading of the whole.

Witnesses:                               Lessor: The Phoenix Hat Company, LLC

/s/ Arthur L. Hunt                       /s/ C. Allen Bradley, Jr.
--------------------------------------   ---------------------------------------
                                         By: C. Allen Bradley, Jr.

/s/ Kathy Wells
--------------------------------------

                         BEFORE ME: /s/ Paige M. Harper
                                    ---------------------------
                                    Notary Public
                                    Bar No. 25322

         Lease between The Phoenix Hat Company, LLC and AMERISAFE, Inc.
                                   Page 7 of 7

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