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American Physicians Capital, Inc. Announces Approval of Additional $20 Million Share Repurchase Authorization; Confirms No Subprime Mortgage Exposure

Saturday, August 18, 2007 General News J E 4
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EAST LANSING, Mich., Aug. 16 American PhysiciansCapital, Inc. (Nasdaq: ACAP) today announced that its Board of Directorsauthorized an additional $20 million to repurchase its common shares undermanagement's discretion in the open market or in privately negotiatedtransactions during its normal trading windows.

The Company will deplete the May 22, 2007 authorization before commencingthe new $20 million authorization.

Since June 30, 2007, the Company has repurchased, under both its Rule10b5-1 and discretionary authorizations, a total of 407,300 shares at anaverage price per share of $36.77. Year to date, the Company has repurchaseda total of 896,500 shares at an average price per share of $37.36.

Investment Portfolio

The Company does not have any subprime mortgage exposure in its investmentportfolio. At June 30, 2007, the majority of the Company's investmentportfolio was invested in fixed-income securities. The fixed-incomesecurities consisted primarily of U.S. government and agency bonds, high-quality corporate bonds, government agency mortgage-backed securities and tax-exempt U.S. municipal bonds. The weighted average credit quality of theCompany's fixed-income security portfolio on the Standard and Poor's creditrating scale was AA+ at June 30, 2007.

Corporate Description

American Physicians Capital, Inc. is a regional provider of medicalprofessional liability insurance focused primarily in the Midwest marketsthrough American Physicians Assurance Corporation and its other subsidiaries.Further information about the companies is available on the Internet athttp://www.apcapital.com.

Forward-Looking Statement

Certain statements made by American Physicians Capital, Inc. in thisrelease may constitute forward-looking statements within the meaning of thefederal securities laws. These include statements concerning expectedcommencement of repurchases under the 10b5-1 plan and the continuance ofrepurchase transactions during both future blackout periods and normal tradingwindows. In addition, when we use words such as "will," "should," "believes,""expects," "anticipates," "estimates" or similar expressions, we are makingforward-looking statements. While we believe any forward-looking statementswe have made are reasonable, they are subject to risks and uncertainties, andactual results could differ materially. These risks and uncertaintiesinclude, but are not limited to, unexpected requirements for cash, includingfor acquisitions, changes in the Company's business prospects, the marketprice of the Company's stock, unexpected changes in the financial marketconditions, and any other factors listed or discussed in the reports filed byAPCapital with the Securities and Exchange Commission under the SecuritiesExchange Act of 1934. APCapital does not undertake, and expressly disclaimsany obligation, to update or alter its statements whether as a result of newinformation, future events or otherwise, except as required by law.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020123/ACAPLOGO )The Company currently has the following outstanding share repurchaseauthorizations: Type of (In thousands) Date Approved Repurchase Amount Amount By Board Plan Authorized Remaining (2) October 27,2006 Rule 10b5-1 $30,000 $23,970 May 22, 2007 Discretionary (1) $15,000 $6,706 August 16, 2007 Discretionary (1) $20,000 $20,000 $65,000 $50,676 (1) All shares will be repurchased under management's discretion in the open market or in privately negotiated transactions during the Company's normal trading windows. (2) As of August 15, 2007.

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