East Lansing-based American Physicians Capital reported a
net income of $11.4 million in the first quarter of 2008, up from a net income
of $10.5 million in the first quarter of 2007.
According to excerpts from the article:
"APCapital continues to return its excess capital to
shareholders through stock repurchases," said President and Chief
Executive Officer R. Kevin Clinton.
"During the first quarter, APCapital repurchased
404,000 shares at an average cost of $42.93 per share."
"Our
book-of-business continued to produce solid financial results,"
stated Clinton. "Loss development trends continued to be favorable,
resulting in $8.4 million of positive reserve development in the first quarter.
Clinton continued, "I am also pleased to report that in
March 2008 A.M. Best Co. upgraded the financial strength rating of our primary
subsidiary, American Physicians Assurance Corporation, to A- (Excellent) from
B++ (Good) and revised our outlook to stable from positive. This upgrade was a
reflection of the successful implementation of our strategic business
initiatives."
Read the entire article here.