SOURCE: American Physicians Service Group, Inc.

March 05, 2008 16:28 ET

American Physicians Service Group, Inc. Announces Expansion of Its Stock Buyback Plan

AUSTIN, TX--(Marketwire - March 5, 2008) - American Physicians Service Group, Inc. ("APS") (NASDAQ: AMPH) today announced that its Board of Directors had authorized an increase in the APS stock buyback plan of $4,000,000 for future purchases of the Company's outstanding common shares.

Mr. Ken Shifrin, Chairman of the Board, said, "American Physicians has always operated with a philosophy of rewarding shareholders through building long-term value in the Company. One of the techniques we have historically used to build value is purchasing our stock in the market when we felt that it was to the advantage of long-term shareholders. Since announcing our formal buyback plan in August 2004, we have purchased approximately $7,000,000 of our shares at an average price of approximately $14.54 per share. With a current book value exceeding $17.00 per share this has proven to be a significant benefit to long-term shareholders. Our strong operating income and cash flow, together with low debt, continues to allow us to follow this path without jeopardizing our ability to aggressively pursue expansion opportunities. We are happy to announce the continuation of this program."

APS is an insurance and financial services firm with subsidiaries and affiliates which provide medical malpractice insurance for doctors and other healthcare professionals 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. Tim LaFrey
    Mr. Marc Zimmermann
    Vice President - Finance

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