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Executives

Ann Storberg - VP of IR

Kevin Clinton - President and CEO

Frank Freund - EVP, Treasurer and CFO

Analysts

David Lewis - Raymond James

Mike Rasher - Piper Jaffray

Beth Malone - KeyBanc Capital Markets

Amit Kumar - Fox-Pitt Kelton

American Physicians Capital Inc. (ACAP) Q2 2008 Earnings Call Transcript August 1, 2008 10:00 AM ET

Operator

Good day everyone. Welcome to the American Physicians Capital second quarter 2008 earnings results conference call. Today's call is being recorded. At this time, I'd like to turn the call over to the Vice President of Investor Relations, Ms. Ann Storberg. Please go ahead.

Ann Storberg

Hi, good morning everyone, and thank you for your interest in American Physicians Capital, as we discuss our second quarter 2008 financial results. This call is being webcast live on our corporate website at www.apcapital.com, and you can listen to a webcast replay of this call later today which will also be posted on our website.

Our second quarter earnings release is posted on our website located in the For Investors section under press releases. Also for your convenience, a complete transcript of this call is posted on our website in the For Investors section under webcast as soon as it is made available.

As always, I need to remind our listeners that during today's discussion, management may make certain forward-looking statements under the meaning of the Private Securities Litigation Reform Act of 1995. When we discuss our plans or expectations or use words such as will, should, believes, expects, anticipates, estimates, or similar expressions, we are making forward-looking statements. We do not undertake any obligation to update these statements except as required by law.

While we believe any forward-looking statements made today are reasonable, they are subject to risks and uncertainties which could cause our actual results to differ materially. For a discussion of these risks and uncertainties, please refer to today's press release and the company's latest Securities and Exchange Commission periodic report.

Participating in today's call is Kevin Clinton, our President and Chief Executive Officer, and Frank Freund, our Chief Financial Officer. We will begin our call today with Kevin and Frank's prepared remarks, and then we're going to open up the call for quests. And now I'm going to turn the call over to Kevin. Thanks.

Kevin Clinton

Thank you Ann, and good morning, everyone. We are pleased to announce APCapital's second quarter 2008 results. The second quarter was a very solid quarter for APCapital. Net income for the quarter was $11 million, or $1.11 per diluted share, and this is very comparable to our first quarter 2008 results of $1.13 per diluted share.

Our year to date net income $22.4 million represents an annualized return on beginning equity of approximately 17%. Our reported claim count had a slight uptick during the quarter, with 261 claims reported. Even with the uptick this quarter, reported claim counts are down 14% for the year ended June 30, 2008 compared to the year ended June 30,.2007. We have seen a steady decline in the number of reported cases over the past several years, but do not expect that trend to continue. The expectation built into our pricing and reserving models is the frequency will increase slightly.

The open claim count continues to decline. As of June 30, 2008, we had 1,639 open claims, and this compares to 1,672 open claims at the end of last quarter, a 2% decrease during the quarter. Looking at this trend from a longer period of time, there has been roughly a 50% decrease in the number of open claims over the past three years.

Our reserves position remains strong. Our average in net case reserve per open claim reached $150,000 as of June 30, 2008 compared to $136,200 as of June 30, 2007, a 10.1% increase in the average case reserve in the last year. We are retaining our insured positions despite strong competition. We've retained 88% of our policy holders, and our insured doctor count is down just 0.7% from year-end 2007.

We are also pleased to announce that the Board of Directors declared a third quarter dividend of $0.10 per common share payable on September 30 to shareholders of record on September 12.

Now, I'd like to turn it over to Frank for his comments.

Frank Freund

Great, thank you Kevin. Kind of echoing Kevin as APCapital has completed another solid quarter, generating net income of $11 million, or $1.11 per share in the second quarter of 2008. Year-to-date, APCapital has earned $22.4 million, or $2.24 per share. This represents an annualized return on beginning equity of 17%. The Company's book value per share is $27.26 at June 30, 2008, up $1.24, or 4.8% from the start of the year.

Our second quarter and year-to-date net income and earnings per share are down from comparable amounts in 2007, due to the unusually large amount of positive prior year reserve development, recognized in the second quarter of last year.

There are several important trends that currently impact our financial statements. First again, as Kevin mentioned, the loss reserves trends remain at historically low level, and as a result, we continue to experience favorable loss reserve development.

We had 261 new claims recorded in the second quarter. While this was up from the 232 reported last quarter, it is still down 3% quarter-over-quarter. Claims continue to settle at relatively stable amounts, and we have reduced our outstanding claims inventory by 5.9% so far this year to 1,639 claims.

Our reserve status remains strong. At June 30, 2008, our average case reserve stands at $150,000 per open claim, up 3.6% since the end of last year, and our average total reserve, which includes our IBNR estimates, is $170,900 per open claim an estimated IBNR claim, up 6.6% from the end of last year.

These loss trends resulted in $7 million of favorable reserve development in the second quarter of 2008, and $15.4 million year-to-date. On an accident year basis, we have recorded 78.2% loss ratio for the first half of 2008. This is out from the 75% recorded at this point in 2007.

We have increased the accident year loss ratio despite the favorable loss trends due to premium rate decreases that we have taken this year. On average, we have reduced our rates by 8.1% in 2008, which brings me to the second trend, reduced premiums.

Direct written premiums were down 5% in the second quarter, and 6.3% year-to-date. This decline was caused primarily by the rate decreases as our retention rate remains strong at 88%, and our insured physician count is stable at 9,154, down only 0.7% since the end of last year.

Our focus remains on the strict underwriting and adequate pricing. Year-to-date, our premiums have remained level in Michigan and New Mexico, while Illinois and Ohio were down 8.8% and 12.6% respectively. It is in these latter two states where we have experienced the most price competition.

However, we are aggressive with our marketing efforts, and continue to work hard to add new premiums. We believe it is very important that the sector not repeat the mistakes of the past by significantly under pricing its product during a soft market cycle.

The third trend is reduced investment income. Our investment income year-to-date is $19.2 million, down $3.1 million from a year ago. This represents a gross yield of 4.53%, down from 5.1% generated last year. Declines in short-term rates have caused approximately half of the reduction. We have also increased our allocation tax-exempt securities by over $112 million over the last 12 months.

Tax-exempt securities now represent approximately 44% of our cash investment portfolio. Accordingly, the decline in our after-tax yield has been much smaller going from 3.6% at this time in 2007 to 3.36% for the first half of 2008.

Staying on the topic of investments, our portfolio continues to maintain a very overall good credit quality position. Our average rating is AA+, and we have no bonds rated below BBB. While we do not own any Fannie or Freddie common stock, we like most insurance companies, do own Government-sponsored agency debt. Our position at June 30, 2008 in this category can be summarized as follows.

We own $15 million of Fannie short-term paper, which matures later this month; we own a total of $65 million of agency notes, $24 million of which were issued by Fannie and Freddie; and three, we own $151 million of Fannie and Freddie mortgage-backed securities. However, it is important to note that all of these mortgage-backed securities were purchased prior to March 2005.

While Fannie and Freddie have their issues and have received a considerable amount of attention, we feel confident with our debt position given the recently-announced Government support programs, and the vintage of our mortgage-backed securities.

Underwriting expenses were down slightly as a percentage of net-earned premiums for the quarter. However, year-to-date, the underwriting ratio is up from 21.3% to 21.6%. As premium rates decrease, we would expect this expense ratio trend to continue upwards.

Interest expense is down $312,000 in 2008 due to the lower interest rate on our trust-deferred debt as a result of the declining 30-day LIBOR rate. We have communicated to the indentured trustee our intention to prepay $5 million on our debt later this month.

We will continue to consider additional debt payments in the future as part of our overall cash and capital management strategy. Our effective tax rate has been trending down due to our increased allocation of tax-exempt securities. The effective tax rate was 28.9% in the quarter, and was 30.2 year-to-date. We are approaching our optimal allocation of tax-exempt securities. Accordingly, we would expect the tax rate to drop a small amount more, and then level off.

We continued our trend of being careful managers of capital. We paid a $0.10 per share dividend in the second quarter, and the Board approved another $0.10 per share in the third quarter. Due to the strong market price of our stock, our share repurchase were down in the second quarter of 2008 to 12,000 shares, as compared to 404,000 shares purchased in the first quarter.

However, we remain well positioned for future repurchase, and as I previously noted, we will be making a $5 million debt payment.

In summary, we believe the company is in a very good financial position, and will continue to produce solid results. We intend to continue the key strategies that have generated these strong results, careful underwriting, adequate rates, conservative investing, and effective capital management.

And that concludes my comments on the quarter.

Ann Storberg

Melissa, we are now ready to open up the call for questions.

Question - and- Answer Session

Operator

(Operator Instructions). We'll go first to David Lewis with Raymond James.

David Lewis - Raymond James

Thank you, good morning.

Kevin Clinton

Good morning.

David Lewis - Raymond James

Kevin, I think you indicated that overall rate reductions in the quarter were about 8.1%. Could you maybe break out some of the major markets, what you're seeing in Michigan, New Mexico, versus the Ohio and Illinois markets?

Kevin Clinton

I think the majority, I don't have the exact figures here, but I think the majority of our rate decreases came in Ohio, a little bit in Michigan, and probably the biggest one was Illinois. And that's where our experience has been the best. I do have it here, let me look. Michigan, we took a 6.5% decrease at the beginning of the year. In Illinois, 11% decrease, and Ohio was a 1.1% decrease.

David Lewis - Raymond James

And New Mexico is fairly stable?

Kevin Clinton

New Mexico, we haven't taken a rate change there at all since 2006, so they've been pretty steady in New Mexico.

David Lewis - Raymond James

Okay. And Frank maybe on the investment income side, a little more pressure than I would have anticipated, and I guess some of that relates to maybe the shift to tax-exempt. As we trend off of the second quarter, is that probably going to be a good run rate in the second half, or was there anything unusual in the quarter?

Frank Freund

I don't think there was anything unusual in the quarter, David. I think you've just got the kind of the phase in the effect of the $112 million of tax-exempts we've been buying over the last 12 months, and we bought some in the first half of the year.

So, as I mentioned, the after-tax yield was not as big of a decline. That went from 3.6 basically, 3.36, so the decline wasn't as great. But as far as the gross yield, I would expect it might go down a little bit more, and then level off, because again, you just got a few more securities coming in.

David Lewis - Raymond James

Okay and…

Frank Freund

David, just one other thing David, just the other big component is whatever happens to short-terms rates, again when we look at where short-term rates were a year ago versus where they are today. Obviously, our cash just isn't generating as much, and if you recall, that was about half of the reduction.

Kevin Clinton

Yes, and we're probably sitting on a little more cash than we might otherwise be because of redemptions and things.

David Lewis - Raymond James

That's helpful. And the incurred loss ratio, picking up a little bit sequentially is expected due to the rate decreases. Do you expect us to see further tick-ups as we kind of look into the second half of the year, modestly?

Kevin Clinton

You know what, a lot of that depends on experience, David because what we're doing on our current accident year loss ratio is really you don't have much experience on it. You have a few claim counts but you haven't settled any claims. So, we're just doing it on a mathematical model, and we're trying to be conservative at it. So, we're looking at, basically we've taken some rate increases over what we had last year, and so we're just increasing the loss ratio on a mathematical formula.

David Lewis - Raymond James

That's very helpful, thank you.

Kevin Clinton

You are welcome.

Operator

We'll take our next question from Mike Rasher with Piper Jaffray.

Mike Rasher - Piper Jaffray

Thank you. And then just the other side of that, I guess, the expense ratio side. You mentioned going higher. Is this sort of the rate of deterioration we might expect, sort of 30 basis points? Maybe you could give us a little bit more insight on that.

Frank Freund

Well, I guess, I wouldn't probably give the insight as far as being that precise Mike. I mean, when we look at the trend, obviously, as we're reducing premium rates, that ratio is going to go up a little bit. But it's really kind of difficult to predict, I mean because again, the other thing we do is we monitor and try to control expenses as carefully as possible, and it also just depends upon our premium volume. So, I guess I would just say given all the factors, we would continue to expect a slight increase, but I wouldn't, I couldn't give you an exact amount.

Mike Rasher - Piper Jaffray

Okay, and this quarter's results, I mean would you consider this to be slight, in that ballpark?

Frank Freund

Yes, I mean when I look at it quarter-over-quarter, we were kind of basically in the same spot as we were; first quarter we were up a little bit year-to-date. So again, I think the trend is what it is.

Mike Rasher - Piper Jaffray

Okay. And then similarly Kevin, I think you were talking about frequency should increase slightly. What kind of rate of change and timing do you foresee in that regard, and what would vary by state?

Kevin Clinton

What we said, in setting our rates and setting our reserves, we're anticipating an increase in frequency. Because the trend had been downward, we don't necessarily take the lowest point and say that's what our frequency is going to be. We're using more of an average over a period of time in our rates and reserves. So, as frequencies come down, we've been taking the more conservative approach, and saying frequency is probably not going to be what it is at its lowest point.

So, and at some point, we even talked to the Board of Directors, and said, "Look this frequency is going down, and if you actually just took out a ruler and drew a line, it would be zero at some point", so we have to turn and it has to level off.

We haven't quantified exactly how much that is. I mean, we expect it slightly. We don't anticipate huge increases in frequency, we're not anticipating that. But this quarter was not surprising, at least to us, that we got a few more quarters, and actually it was just, to tell you the truth, it was a couple of months, I think two months in two states. Just as an example, in Michigan, we had 34 claims reported one month, and that was back in April. That was an unusually high number, and likely the result of a couple of claims where they ended up doing the shotgun file approach and sued three doctors and three corporations and we had a whole bunch of claim files set up. The next month, it dropped down to 18, and last month it was 18, so it came back to normal.

Mike Rasher - Piper Jaffray

Okay. That's helpful insight there. And then, given where your stock is currently valued and the capital you're generating, I guess I'm curious to know what your plans are in terms going forward and deploying this capital that you're generating.

Frank Freund

We're going to continue to, at least the Board of Directors declared a dividend. I can't guarantee you but I would anticipate they would continue on with the dividend. We're going to look at stock buybacks, and we're going to look -- I think things will start to tell you the truth to open up in the marketplace. We've recently had some opportunities. We're looking at the marketplace in terms of purchasing books of business, purchasing, making, investigating M&A activity, and I think as you see the soft market hit for a few years, you're going to get some people that start thinking differently than they did in the past. So, I mean that's kind of our broad stroke approach toward the capital management.

Kevin Clinton

And Mike, we can also make additional debt claims too.

Mike Rasher - Piper Jaffray

And my final question, just to follow up on that would be, what your interest would be here in American Physicians in advancing your ownership in that Company?

Kevin Clinton

I though Frank was talking about something different. He was talking about debt repayment.

Mike Rasher - Piper Jaffray

Right, right I understood that. I was just following up from the topic of deploying capital.

Kevin Clinton

No, what were you speaking of Mike. I'm sorry I missed that question.

Mike Rasher - Piper Jaffray

Advancing your insurance to your position in American Physician Service Group.

Kevin Clinton

Okay, in fact, we have such a similar name that I thought you were talking about us. Yes, we increased our stake in the Company. We went from roughly a 4.9% ownership during the quarter. I think now we own about 6.7%. We own about 480,000 shares. It's a passive investment, and very obviously we just think they're a good, well run Company. So, we filed a 13G as a passive investment. We're not seeking Board seats, anything else. We think they've run their Company very well.

Mike Rasher - Piper Jaffray

Thank you, congratulations on the quarter.

Operator

We'll take our next question from Beth Malone with KeyBanc.

Beth Malone - KeyBanc

Thank you, good morning. A couple of questions. In the news recently, we've seen, and maybe this isn't different from what you and I see, there have been some high-profile claims, medical malpractice awards around the country. And I'm just wondering do you worry about that, is that just we would always see that, or is there any trend to suggest that the inflation of settlement is starting to increase again?

Frank Freund

We have read the same thing you have. Throughout the country, we've seen some real high awards. We have fortunately avoided a lot of those high awards, as a Company, and I don't know if it's our claims strategy. I would hope to think that it has a lot to do with our claims strategy. We're very, very careful in our courts, what we take to court, what we don't take to court, and even looking at a particular state, I won't mentioned the particular state, but I see in some states, some companies operate in a state and get very high awards, and other companies operate in the same state and don't get high awards.

So, I think a lot of it that has to do with the company and the claim-handling strategy. But certainly we worry about that. I think that's something on every company's mind are those big awards, and that's why you work so hard in the claims area to try to avoid those.

Beth Malone - KeyBanc

It looks like the possibility of a Democratic President is more likely than it's been in a while, and do you change your like lobbying strategy, or how you're looking at the possibility of more liberal courts as a consequence of the change to a Democratic Senate and Congress, or is that more of a long-term perspective?

Frank Freund

I think I agree with your premise. We do look at that, and I think it's more on a state level than a Federal level, unless the Federal Government wants to get involved with malpractice. I really don't think that that's going to occur. But it is on a state level, and you can see certain things. When the court changed in Ohio, they enacted tort reform and it did wonderful things for all the doctors and all the companies writing there. It was wonderful package tort reform that they put together. If you had a different makeup of that Supreme Court, they may have ruled it unconstitutional, but they haven't. So yes, I think it does, and we're going to keep our eye on it when the elections come about.

Beth Malone - KeyBanc

One last question on pricing and competition. As things heat up in the traditional property casualty market, we're hearing some pretty graphic pricing actions. Are you seeing -- is there an acceleration of non-traditional medical malpractice writers out there now that the market is getting tougher, you're not exposed to catastrophic exposure, so like hurricanes, so are you seeing more of the less sophisticated insurers come into the med mal market at all?

Kevin Clinton

No, I think they came in a few years ago. I have not seen, to tell you the truth, any new ones in the past year maybe.

Beth Malone - KeyBanc

Okay. And in general on the pricing, just in general pricing front, would you say that the competition is manageable at this point? Where would you say you are in the cycle?

Kevin Clinton

That's a difficult one to say. I'll tell you where I sense the market is right now. If you take a look at our retention ratio, it was very high and it's been increasing. The market doesn't seem to be moving. Most companies are keeping their accounts, and I'm sure if you looked at other companies around, their retention is very high as well. It's just difficult to write new business right now because what happens is if you come in and you end up with a better price than somebody else, they take a look, and if it's a good account, they tend to match it, and the inertia is not there for the policy holder to move at all.

So, we do have a high retention, and we like our book of business, but it gets difficult to write new business. So, we're having some marketing plans and new ideas on how to increase the top line on new business.

Beth Malone - KeyBanc

All right, well thank you and congratulations on the quarter.

Kevin Clinton

Okay, thank you.

Operator

(Operator Instructions). We'll move on to Amit Kumar with Fox-Pitt Kelton.

Amit Kumar - Fox-Pitt Kelton

Good morning, thanks for the call. Just going back to the discussion on M&A, I think you mentioned that you might be interested in purchasing books of business and maybe just expanding on that a big more. Previously, I know you've talked about looking at specialty and even personal lines. Has that thought process changed or are you still sort of looking and I guess nothing good is coming up?

Kevin Clinton

No, we haven't change, I don't think we've changed our plans. I think what has occurred is the industry has done extremely well, and I think a few companies have to get hurt a little bit in order for some M&A activities to occur. And so, that's why I think once -- we've been in a softer market for a few years now, and I think you're going to have some companies taking a look at this and saying, especially those low-price carriers that came out and were charging 30%, 40% below the market. I think they may end up with some difficult times as claims start getting settled. That's why I mentioned book of business. I think when you look at those companies, you may not want to buy the company because they may have some issues with their balance sheet. But it may be a book of business you want to go after.

Amit Kumar - Fox-Pitt Kelton

That's helpful. Maybe just in terms of the capital management discussion, and you're paying down $5 million out of a possible $30 million, I guess, which can be paid down. Is that correct?

Kevin Clinton

Yes.

Amit Kumar - Fox-Pitt Kelton

So, obviously based on the interest rates and based on your past commentary that is not happening. And on the same time, the stock price, I guess, presents a challenge in terms of buyback. And yet at the same time you are not really seeing any worthwhile in terms of M&A, or even ramping up your passive investment. Are you sort of comfortable holding this level of excess capital or cash in the future, or is there more so a thought process where you're saying to yourself we should do something about it, and maybe even revisit the dividend policy or something of that nature?

Frank Freund

I think I'll -- this is Frank, on the debt question again, it's something we can look at every quarter. You can make payments on the normal quarterly payment. So again, as I mentioned we'll just look at that as part of our overall cash and capital management strategy. We wanted to give you a heads up that we were making the $5 million payment later this month, and we'll just continue to look at that. I think one of the things we also try to do with our capital management is be flexible, so we can be responsive to changes in the marketplace.

Kevin Clinton

Yes, I would agree with Frank. I think we do want to remain flexible. It's a nice position to be in to have some excess and excess capital. And we did not pay down the full $30 million, although I think we have enough cash to do so right now because we do want to remain flexible for other opportunities in the marketplace. We don't want to close ourselves off immediately and get rid of all our cash if an opportunity arises.

Amit Kumar - Fox-Pitt Kelton

That's helpful. And then just finally on the M&A, the comments you made were mostly regarding what you might be interested in. I guess on the flip side, we've talked about this in the past, and we seem to be talking about this every quarter. But has there been any change, maybe more Bermuda stepping in or international operators. Previously, we have looked towards Europe. I think the interest seems to be coming from elsewhere. Do you see that in the med mal space too?

Kevin Clinton

I think, wasn't it a Bermuda company that bought Baldwin?

Amit Kumar - Fox-Pitt Kelton

I was talking more so about the recent, you're talking about the Darwin deal I think.

Kevin Clinton

Yes, Darwin deal, excuse me.

Amit Kumar - Fox-Pitt Kelton

Yes.

Kevin Clinton

I think it was a Bermuda Company, so if that's what you were aiming at, or maybe you had a different angle on the question, I'm not sure.

Amit Kumar - Fox-Pitt Kelton

No, the question was -- previously I think the discussion was always as being Bermuda and Europe looking at med mal. What I'm asking is have you seen any other buyers from other countries, maybe Asia, sort of looking at med mal?

Kevin Clinton

I have not seen that, and I have not read anything.

Amit Kumar - Fox-Pitt Kelton

Okay. That's very helpful, thanks.

Operator

And we'll take our follow-up question from David Lewis with Raymond James.

David Lewis - Raymond James

Thank you, Kevin you indicated that you'll get to either reevaluate your marketing strategy to try to get some better top line growth at profitable margins. Does that include any geographic expansion? I mean are there any new markets that you see that you might be able to move into, or are you going to pretty much focus on the same market and maybe just refine the marketing strategy a little bit?

Kevin Clinton

I think our primary focus is on our current markets. We've look at various states. There will be down the road dislocations in particular states where we may find some opportunity, but there are a lot of competitive markets out there and I think there's a lot of states that we don't operate in right now that are more competitive than the states we are operating in. I don't want to dive into a real blood bath in there because in order to gain market share, you probably have to be 15% to 20% below the market right now. That would just be tossing away our capital in a way we don't want to do it.

So, we are going to look at that, but I think we're looking for opportunities in the primary sense in the states that we're operating in.

David Lewis - Raymond James

That's helpful. The repurchase share activity slowed fairly substantially in the second quarter versus the first quarter. Is that primarily attributed to just the rise in the stock versus the first quarter, or were there any other factors?

Kevin Clinton

Well, the state of the financials in the stock market, we could get caught up in things that we absolutely no control over. We can put out real good numbers and our stock prices went down because we're just, people need cash and have to get cash calls. And we wouldn't have enough capital to support our stock and do some buybacks if we go to a level that we think is a great opportunity for us to buyback our stock.

David Lewis - Raymond James

That's fair. And a quick question for Frank. Second half tax rate, I think you indicated might fall a little below the 28.9% in the second quarter. Was that accurate?

Frank Freund

Well, yes. As you kind of phase in the effect of the increased tax allocation, what my comment is you might see that dip a little bit low. Again, I couldn't' give you a precise figure, but the leveling off might be a quarter or two later.

David Lewis - Raymond James

Right, thanks very much.

Operator

We'll take a follow-up from Mike Rasher with Piper Jaffray.

Mike Rasher - Piper Jaffray

Just a couple of housekeeping questions if you could. What was statutory capital at the end of the quarter?

Frank Freund

Hang on just a second, I can give that to you.

Mike Rasher - Piper Jaffray

And then also, what was interest expense for the quarter?

Frank Freund

Interest expense for the quarter was, I'm sorry, $555,000, and on the stat capital, all companies, its $233 million.

Mike Rasher - Piper Jaffray

Thank you very much.

Operator

It appears we have no further questions at this time. I'd like to turn the call back to our speakers for any additional or closing remarks.

Kevin Clinton

We have no more closing remarks. Wanted to thank everybody for joining us this morning.

Operator

And once again, that does conclude today's call. We do appreciate your participation. You may disconnect at this time.

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Source: American Physicians Capital Inc. Q2 2008 Earnings Call Transcript

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