Exhibit 99

American Physicians Capital, Inc. Reports Third Quarter 2009 Results and Increases Cash Dividend

EAST LANSING, Mich.--(BUSINESS WIRE)--October 29, 2009--American Physicians Capital, Inc. (APCapital) (NASDAQ:ACAP) today announced net income of $9.8 million or $.91 per diluted common share for the third quarter of 2009. This compares to net income of $11.2 million, or $.85 per diluted common share for the third quarter of 2008. Year-to-date, the Company has generated net income of $30.8 million or $2.73 per diluted common share in 2009, compared to $33.6 million or $2.53 per diluted common share in the first nine months of 2008. Also today, APCapital’s Board of Directors elected to increase its quarterly cash dividend by 9% to $0.09 per common share payable on December 31, 2009 to shareholders of record on December 11, 2009.

The 2009 year-to-date net income represents a return on beginning GAAP equity of 16.2%. At September 30, 2009, APCapital’s book value per share was $23.44, up 8.4% during 2009, with 10,424,706 shares outstanding.

“Careful underwriting, capital management and prudent investment strategy remain our focus,” said President and Chief Executive Officer R. Kevin Clinton. “We continuously look for positive growth and investment opportunities, but only at terms that are beneficial to the long-term success of our Company.”

Stock Split

As previously announced, on June 23, 2009, the Company’s Board of Directors declared a four-for-three stock split of its common shares to shareholders of record on July 10, 2009. Shares resulting from the stock split were distributed to shareholders on July 31, 2009. All share and per share numbers disclosed in this press release have been adjusted for this stock split.

Reaffirm Annual Guidance for 2009

“If current trends in frequency, severity and pricing remain stable in our book of business throughout the remainder of 2009, we continue to believe that we should report operating earnings for 2009 of at least $3.45 per diluted share, as adjusted for the recent stock split,” said Clinton.


The following information was filed by American Physicians Capital Inc on Thursday, October 29, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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