American Physicians Service Group to sell 2.3M shares

Austin Business Journal

The medical professional liability insurance provider American Physicians Service Group Inc. wants to raise at least $10 million by offering 2.3 million shares to the public soon.

APS [NASDAQ: AMPH] Senior Vice President of Finance Bill Hayes says the company’s dividend this year is 30 cents per share, and a market price will be set in June according to what interest is.

Of the 2 million shares, Chairman and CEO Kenneth Shifrin will offer 300,000 of the 582,554 shares he owns.

At latest trade, shares of APS were trading at $17.77

Hayes says the company plans to use roughly $10 million of its proceeds from the public offering to a group APS acquired in April, the American Physicians Insurance Company. The remainder of the public offering proceeds could be used for future acquisitions, Hayes says.

APS is a management and financial services company that provides medical malpractice insurance services for doctors, and brokerage and investment services for institutions and high-net-worth individuals.

The company filed to go public in 2006.
see original

You may also like

Legislative panel approves medical malpractice bill
Read more
Urgent-care centers: Illinois numbers grow as time-pressed families seek low-cost option to ERs
Read more
Global Center for Medical Innovation launches
Read more

Recent Posts

California Healthcare Providers, Trial Attorneys, Legislators Reach Deal to Increase MICRA Cap

Corporate Acquisitions Accelerating Surge in Employed Physicians

AM Best Maintains Negative Outlook for MPL Segment in 2022, Cites Rising Loss Costs, Increasing Severity, Diminished Reserves

Popular Posts

PIAA 2017: Current Trends & Future Concerns

2022 Medical Malpractice Insurance Rates: What the data tells us

Global Center for Medical Innovation launches

Start Your Custom Quote Process™

Request a free quote