SOURCE: American Physicians Service Group, Inc.

August 22, 2007 09:41 ET

American Physicians Service Group, Inc. Announces Expansion Into the Oklahoma Physicians Professional Liability Insurance Market

AUSTIN, TX--(Marketwire - August 22, 2007) - American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) today announced that its American Physicians Insurance Company ("API") subsidiary has received a Certificate of Authority from the Oklahoma Insurance Department to write physicians professional liability insurance in Oklahoma. The Company said it has already begun underwriting applicants for insurance in Oklahoma.

Tim LaFrey, APS' President, stated, "Gaining access to the Oklahoma market is another step in our growth plan. Since our acquisition of API in April, we progressed in our strategic plan by raising approximately $36 million and contributing $10 million of additional surplus to API. That new surplus gives API additional underwriting capacity for initiatives such as this expansion and better positions us to receive a favorable financial strength designation from an insurance rating agency."

Maury Magids, Senior Vice President - Insurance, stated, "We are excited to be partnering with Oklahoma physicians. Having the ability to write business in Oklahoma allows our company to extend coverage to existing insureds that are now expanding into Oklahoma. But most importantly, it gives Oklahoma physicians a carrier to consider for their medical malpractice coverage that is supported by a high degree of service, value and integrity. Oklahoma physicians will now be able to experience the commitment API makes to building relationships and protecting its insureds."

Mr. LaFrey concluded, "We are pleased with the quality and pace of progress that we have made in implementing our business plan. The opportunity to begin serving the Oklahoma market is another step toward our goal of organic, geographic, and acquisitive expansion."

APS is a management and financial services firm with subsidiaries and affiliates which provide: medical malpractice insurance 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 www.amph.com or contact:
    Mr. Kenneth Shifrin, Chairman of the Board (or)
    Mr. Tim LaFrey, President (or)
    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