1118148--3/14/2006--AMERICAN_PHYSICIANS_CAPITAL

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{loss, insurance, financial}

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Our exit from various markets and lines of business may prove more costly than originally anticipated. Tort reform legislation may have adverse or unintended consequences that could materially and adversely affect our results of operations and financial condition. If we are unable to obtain or collect on ceded reinsurance, our results of operations and financial condition may be adversely affected. The insurance industry is subject to regulatory oversight that may impact the manner in which we operate our business. Our geographic concentration in certain Midwestern states and New Mexico ties our performance to the business, economic, regulatory and legislative conditions in those states. An interruption or change in current marketing and agency relationships could reduce the amount of premium we are able to write. A downgrade in the financial strength rating of our insurance subsidiaries 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. Our status as an insurance holding company with no direct operations could adversely affect our ability to meet our debt obligations and fund future share repurchases. Applicable law and various provisions in our articles and bylaws will prevent and discourage unsolicited attempts to acquire APCapital that you may believe are in your best interests or that might result in a substantial profit to you.

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1118148--3/14/2006--AMERICAN_PHYSICIANS_CAPITAL_INC