American Physicians Service Group. (AMPH)
Q1 2010 Earnings Call
May 4, 2010 09:00 a.m. ET
Ken Shifrin - Chairman and CEO
Tim LaFrey - President and COO
Marc Zimmermann - CFO
Mike Grasher - Piper Jaffray
Michael Nannizzi - Oppenheimer & Co.
Paul Newsome - Sandler O'Neill & Partners L.P.
Good morning and welcome to the First Quarter 2010 American Physicians Service Group Earnings Conference Call. My name is Andréa [ph] and I’ll be your coordinator today. This call is being webcast in listen-only format through AMPH’s corporate website at www.amph.com and you can listen to a replay of this of this call which will also be available through the website.
I like to reminder to you that during this call members of AMPH’s management may make forward-looking statements. These forward-looking statements are based on current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially. For example, statements regarding potential developments in the industries in which the Company operates, it's ability to expand in existing markets and enter into new markets, or grow through acquisitions and to achieve positive operating results are all forward-looking statements.
For a detail discussion of the risk and uncertainties that could cause the Company’s actual results to differ materially from those described in forward-looking statements, please refer to the Company’s filings with the Securities and Exchange Commission.
Now I'd like turn to the call over to Ken Shifrin, Chairman and CEO of AMPH.
Thank you and welcome everyone. Also joining me today are Tim LaFrey, our President and Marc Zimmermann, our Chief Financial Officer. Our insurance operations performed very well during this quarter. We continued to make meaningful strides in adding new policyholders while enjoying excellent retention of our existing business. We also continued to moderate pricing declines with an overall 2% rate reduction on renewing business, which amounted to the lowest quarterly rate decrease since this started the soft market in 2005.