SOURCE: American Physicians Service Group, Inc.

American Physicians Service Group, Inc.

September 03, 2010 07:00 ET

American Physicians Service Group, Inc. Announces Early Redemption of All Preferred Stock

AUSTIN, TX--(Marketwire - September 3, 2010) -  American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) today announced that its Board of Directors had authorized the early redemption of all of APS' 3% Series A redeemable preferred stock, valued at approximately $6 million, and payment of accrued dividends on the preferred stock through the redemption date.

Mr. Ken Shifrin, Chairman of the Board, said, "This stock was issued in 2007 in payment of refundable surplus deposits provided by our insured doctors three decades ago when our forerunner, American Physicians Insurance Exchange ("APIE"), came into existence. It is very gratifying to satisfy this obligation to those early pioneers who were believers in the doctor-owned insurance concept."

These distributions will be made on September 24, 2010 to shareholders of record on September 3, 2010.

APS is an insurance services firm with subsidiaries and affiliates which provide medical malpractice insurance and related services for physicians and other healthcare providers. APS is headquartered in Austin, Texas.

This press release includes forward-looking statements related to APS 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 future results of APS, please see the 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 to APS.

Contact Information

  • For further information, please visit the website of APS at www.amph.com or contact the following:
    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