The Doctors Company Completes Acquisition of American Physicians Capital, Inc.
October 26, 2010by
side note: The acquisition of Michigan-headquartered AP Capital positions California-based The Doctors Company to better compete in the Midwest. Consolidation and growth. The Doctors Company, the largest national insurer of physician and surgeon medical liability, today announced that it has completed its acquisition of American Physicians Capital, Inc. (AP Capital), the parent company of American Physicians Assurance Corporation (American Physicians), a major provider of health care liability insurance in Michigan, Ohio, Illinois, and New Mexico. With the addition of more than 7,000 physician policyholders, The Doctors Company further expands its position as the largest national insurer of physician and surgeon medical liability to almost 55,000 member insureds. “The combination of these two physician-founded companies strengthens our ability to defend, protect, and reward the practice of good medicine,” said Richard E. Anderson, MD, FACP, chairman and CEO of The Doctors Company. “We are pleased by the enhanced value that The Doctors Company will be able to offer physicians, including unparalleled service, exceptional financial strength, and outstanding policyholder benefits. Among those benefits is our unrivaled Tribute® Plan, which rewards physicians for their loyalty to The Doctors Company and to the practice of good medicine.” Upon renewal into The Doctors Company, physicians insured by American Physicians will automatically participate in the Tribute Plan. In connection with the closing of the transaction, AP Capital’s common stock is being deregistered with the Securities and Exchange Commission and delisted with NASDAQ, and public trading of AP Capital’s securities will cease trading at the close of the market today. AP Capital will function as a wholly owned subsidiary of The Doctors Company, and its operations are being integrated with the company’s existing operations. The company will continue to maintain AP Capital’s East Lansing, Michigan, and Albuquerque, New Mexico, offices. see press release