American Physicians Service Group Inc. (AMPH)

Q2 2010 Earnings Conference Call

August 3, 2010 9:00 AM ET

Executives

Ken Shifrin – Chairman and CEO

Marc Zimmermann – CFO

Tim LaFrey – President and COO

Analysts

Brian Hare (ph) – Raymond James

Mike Grasher – Piper Jaffray

Ron Bobman – Capital Return

Paul Newsome – Sandler O’Neill

Ray Irregela (ph) – Oppenheimer

Presentation

Operator

Good morning and welcome to the second quarter 2010 American Physicians Service Group Earnings Conference Call. My name is Andrea 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 their website.

I’d 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 detailed 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.

Ken Shifrin

Thank you and welcome everyone. Also joining me today are Tim LaFrey, our President and Marc Zimmermann, our Chief Financial Officer. We are pleased to announce another successful quarter in which our net income and earnings per share exceeded the estimates of our outside equity analyst. Our core insurance operations again performed very well during the quarter. Our strong underwriting and claims management continues to be reflected in our favorable loss experience. As a result, we recorded favorable development of $8.8 million in the quarter.

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