APCapital climbs 21 percent in 4th quarter

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Medical malpractice insurance provider American Physicians Capital Inc.’s profit rose 21 percent during the fourth quarter. The company reported late Wednesday it earned $12.6 million, or $1.09 a share, for the three-month period that ended in December. That was up from a profit of $10.4 million, or 82 scents per share, one year earlier. For all of 2006, APCapital earned $43.2 million, or $3.59 a share. That’s down from a profit of $72.4 million, or $5.65 a share, in 2005. Officials said the 2005 figures included a one-time accounting change that added $44.1 million to its bottom line. Revenue for the year was $199.3 million in 2006. That was down 6 percent from $212.7 million in 2005.

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