1118148--3/13/2008--AMERICAN_PHYSICIANS_CAPITAL

related topics

{capital, credit, financial}

{loss, insurance, financial}

{debt, indebtedness, cash}

{loan, real, estate}

{personnel, key, retain}

{financial, litigation, operation}

{condition, economic, financial}

Our reserves for unpaid losses and loss adjustment expenses are based on estimates that may prove to be inadequate to cover our losses. An interruption or change in current marketing and agency relationships could reduce the amount of premium we are able to write. If we are unable to obtain or collect on ceded reinsurance, our results of operations and financial condition may be adversely affected. Our geographic concentration in certain Midwestern states and New Mexico ties our performance to the business, economic, regulatory and legislative conditions in those states. A downgrade in the A.M. Best Company rating of our primary insurance subsidiary could reduce the amount of business we are able to write. Changes in interest rates could adversely impact our results of operation, cash flows and financial condition. The unpredictability of court decisions could have a material impact on our operations. Our business could be adversely affected by the loss of one or more key employees. The insurance industry is subject to regulatory oversight that may impact the manner in which we operate our business, our ability to obtain future premium rate increases, the type and amount of our investments, the levels of capital and surplus deemed adequate to protect policyholder interests, or the ability of our insurance subsidiaries to pay dividends to the holding company .

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1118148--3/13/2008--AMERICAN_PHYSICIANS_CAPITAL_INC