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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,979.13 +59.54 0.35%
S&P 500 1,986.51 +4.91 0.25%
NASDAQ 4,526.4820 -1.0320 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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