SOURCE: American Physicians Service Group, Inc.

February 02, 2007 09:25 ET

American Physicians Service Group, Inc. Announces Commencement of Proxy Solicitation for Merger Approval

AUSTIN, TX -- (MARKET WIRE) -- February 2, 2007 -- American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) today announced that the Securities and Exchange Commission had declared the Company's joint registration and proxy statement effective on February 1, 2007. Completion of the filing is a significant step in APS' merger with American Physicians Insurance Exchange. The companies have set March 22, 2007 for special meetings of their shareholders and policyholders and may now begin the process of soliciting proxies for approval of the merger transactions.

Mr. Ken Shifrin, Chairman of the Board, stated, "After a year of hard work on the part of both companies, it is gratifying to see milestone events now occurring in rapid succession. Last week we announced approval of the transactions by the Texas Department of Insurance, yesterday our registration and proxy statement was declared effective by the SEC, and we anticipate having proxy statements in the hands of our shareholders and policy holders within a few weeks."

APS also announced that in connection with the merger and proxy solicitation it would suspend its stock repurchase program until after the conclusion of the merger.

APS is a management and financial services firm with subsidiaries and affiliates which provide: medical malpractice insurance services for doctors; and brokerage and investment services to institutions and high net worth individuals. The Company is headquartered in Austin, Texas and maintains offices in Dallas.

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
    Mr. W. H. Hayes
    Sr. Vice President - Finance
    American Physicians Service Group, Inc.
    1301 Capital of Texas Highway, C-300
    Austin, Texas 78746
    (512) 328-0888