This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

American Physicians Capital, Inc. Reports First Quarter 2010 Results

American Physicians Capital, Inc. (APCapital) (NASDAQ:ACAP) today announced net income of $9.0 million or $.90 per diluted common share for the first quarter of 2010. This compares to net income of $10.1 million, or $.85 per share for the first quarter of 2009. The 2010 first quarter net income represents an annualized return on beginning GAAP equity of 15.1%. At March 31, 2010, APCapital’s book value per share was $24.39 based on 9,600,387 shares outstanding, an increase of 2.8% from $23.74 at December 31, 2009.

“We continue to generate strong operating results despite the challenges of a soft market,” said President and Chief Executive Officer R. Kevin Clinton. “We were able to retain 88% of our business in the first quarter.”

“New premium growth at adequate rates remains difficult. Therefore we continue to focus on effective capital management through our share repurchases and dividend program,” added Clinton.

Consolidated Income Statement
(Dollars in thousands)
  Three Months Ended
March 31,
2010   2009
Direct Premiums Written $ 27,296   $ 30,121  
Net Premiums Written $ 26,035   $ 28,720  
Net Premiums Earned $ 26,695 $ 29,306
Incurred Loss and Loss Adjustment Expenses:
Current Accident Year Losses 21,913 23,836
Prior Year Losses (8,121 ) (8,224 )
Total 13,792 15,612
Underwriting Expenses 6,627   7,132  
Underwriting Income 6,276 6,562
Investment Income 6,366 8,190
Other Income (1) 575 223
Other Expenses (838 ) (972 )
Pre-tax Income 12,379 14,003
Federal Income Taxes 3,428   3,916  
Net Income $ 8,951   $ 10,087  
Loss Ratio:
Current Accident Year 82.1 % 81.3 %
Prior Year Development -30.4 % -28.0 %
Calendar Year 51.7 % 53.3 %
Underwriting Expense Ratio 24.8 % 24.3 %
Combined Ratio 76.5 % 77.6 %
(1) Includes realized gains and losses

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $123.25 0.00%
FB $83.30 0.00%
GOOG $548.34 0.00%
TSLA $185.00 0.00%
YHOO $45.10 0.00%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs