American Physicians Service Group, Inc. Announces Regulatory Approval of Merger With Medical Malpractice Partner

American Physicians Service Group, Inc. today announced that the Texas Department of Insurance has approved the transactions necessary for American Physicians Insurance Exchange to merge with APS. The merger, announced in June 2006, has been progressing steadily through the regulatory process.

The merger still requires the approval of the shareholders of APS and the subscribers of American Physicians Insurance Exchange. The shareholder and subscriber meetings have not yet been scheduled, but are expected to occur in March.

Mr. Ken Shifrin, Chairman of the Board, stated, “The conversion of a reciprocal insurance exchange, followed immediately by a merger, is a complex transaction and we knew from the start that the review and approval process would be challenging. We also expected the benefits to both our shareholders and the policyholders of APIE to be significant enough to warrant the expenditure of time and resources involved. With this step behind us, we can now complete our filing with the SEC and then go to our shareholders and policyholders for approval of the plan.”

Dr. Norris Knight, M.D., Chairman of APIE, added, “When the board members of APIE first considered this transaction in 2005 they knew that it would put a considerable burden on the board and on the team from our management company, yet they proceeded, believing that the opportunity to both strengthen APIE and to give policyholders liquidity for their stake in APIE far outweighed the effort that lay ahead. I would like to thank the members of the board, the management team, the professionals we have engaged and those within the Texas Department of Insurance for their efforts in getting us to this point.”

APS is a management and financial services firm with subsidiaries and affiliates which provide: medical malpractice insurance services for doctors; and brokerage and investment services to institutions and high net worth individuals. The Company is headquartered in Austin, Texas and maintains offices in Dallas.

This press release includes forward-looking statements related to the Company that involve risks and uncertainties that could cause actual results to differ materially. These forward-looking statements are made in reliance on the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect the Company’s future results, please see the Company’s recent filings with the Securities and Exchange Commission. Prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ materially from management expectations. Copies of the filings are available upon request from the Company’s investor relations department.

For further information, visit APS’ website at or contact:

Mr. Kenneth Shifrin
Chairman of the Board
Mr. W. H. Hayes
Sr. Vice President – Finance
American Physicians Service Group, Inc.
1301 Capital of Texas Highway, C-300
Austin, Texas 78746
(512) 328-0888
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