SOURCE: American Physicians Service Group, Inc.

December 17, 2008 12:17 ET

A.M. Best Affirms American Physicians Insurance Company's 'A-' (Excellent) Rating

AUSTIN, TX--(Marketwire - December 17, 2008) - American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) today announced that A.M. Best Company ("A.M. Best"), the leading insurance rating organization, has affirmed its financial strength rating of "A-" (Excellent) for our insurance subsidiary, American Physicians Insurance Company ("API"). A.M. Best also assessed API's outlook as "stable."

According to A.M. Best, "These ratings continue to reflect API's excellent risk-adjusted capital position, favorable performance, experienced management team and strong policyholder retention." APS' low debt position was also considered a strong, positive indicator.

"We received our first rating from A.M. Best last year and we are pleased to announce the affirmation of our 'A-' (Excellent) rating this year," said Ken Shifrin, Chairman of APS. "Our financial strength is a direct result of our conservative underwriting and management philosophy."

Tim LaFrey, President, added, "These turbulent economic times underscore the need for responsible financial management. We believe these ratings reflect our continuing success in delivering strong underwriting and operating results while maintaining our unwavering commitment to our physician-policyholders."

APS is an insurance and financial services firm with subsidiaries and affiliates that provide medical malpractice insurance for physicians and other healthcare providers; and brokerage and investment services to institutions and high net worth individuals. The Company is headquartered in Austin, Texas.

This press release includes forward-looking statements related to the Company that involve risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect the Company's future results, please see the Company's recent filings with the Securities and Exchange Commission. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations. Copies of the filings are available upon request from the Company's investor relations department.

Contact Information

  • For further information, visit APS' website at or contact:

    Mr. Kenneth Shifrin
    Chairman of the Board (or)

    Mr. Tim LaFrey
    President (or)

    Mr. Marc Zimmermann
    Chief Financial Officer

    American Physicians Service Group, Inc.
    1301 S. Capital of Texas Highway, Suite C-300
    Austin, Texas 78746
    (512) 328-0888