Exhibit 99

     
For Immediate Release
  Contact: Ann Storberg, Investor Relations
     (517) 324-6629

AMERICAN PHYSICIANS CAPITAL, INC. REPORTS
FOURTH QUARTER AND YEAR END 2004 RESULTS

East Lansing, Mich. (Feb. 24, 2005)

Significant Fourth Quarter 2004 Events

  •   Net income of $6.5 million or $.73 per diluted common share for the quarter
 
  •   Pre-tax income of $12.6 million in medical professional liability for the quarter
 
  •   Positive prior year development of $1.3 million on medical professional liability reserves
 
  •   Adverse prior year development of $3.4 million on reserves for other insurance lines
 
  •   Continued reduction of workers’ compensation and health insurance premiums

American Physicians Capital, Inc. (APCapital) (NASDAQ:ACAP) today announced net income of $6.5 million or $.73 per diluted common share for the fourth quarter of 2004. This compares to net income of $102,000, or $.01 per diluted common share for the 2003 fourth quarter. For the year ended December 31, 2004, the Company has generated net income of $20.0 million or $2.30 per diluted common share compared to a net loss of $(76.8) million or $(9.02) per diluted share in 2003.

“In 2004, APCapital completed a successful turnaround,” stated President and Chief Executive Officer R. Kevin Clinton. “We have dramatically improved our operating performance, reduced balance sheet risk and positioned the Company for the future.”

“We remain very pleased with the performance of our core medical professional liability line. In 2004 this line has produced pre-tax income totaling $36.5 million. These positive results reflect many of the business initiatives we have implemented since the beginning of 2002.”

1


The following information was filed by American Physicians Capital Inc on Friday, February 25, 2005 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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