AUSTIN, Texas, Nov. 4, 2003 (PRIMEZONE) -- American Physicians Service Group, Inc. ("APS") (Nasdaq:AMPH) today announced that it had repurchased the twenty percent minority interest in its insurance management subsidiary that it had sold to FPIC Insurance Group, Inc. ("FPIC") in 1997. The subsidiary, APS Insurance Services, Inc. is now wholly-owned. The purchase price of $2,050,000 was paid in cash.
Mr. Ken Shifrin, APS Chairman of the Board and Chief Executive Officer stated, "We have enjoyed a close and profitable business relationship with FPIC since 1997. With FPIC now emphasizing markets other than Texas it made sense for both companies to return to their status prior to the 1997 marketing agreements."
Mr. Shifrin concluded, "This investment, in one of our core businesses and with funding solely from internal sources, is a low risk means to further our growth and performance. Our liquidity remains excellent and our balance sheet strong. We will continue to capitalize on both in the pursuit of our goals to improve shareholder value."
APS is a management and financial services firm with subsidiaries that provide: medical malpractice insurance services for doctors; and brokerage and investment services to institutions and high net worth individuals. The Company is headquartered in Austin, Texas and maintains offices in Dallas and Houston.
For further information, visit APS' website at www.amph.com or contact:
Mr. Kenneth Shifrin, Chairman of the Board (or) Mr. W. H. Hayes, Sr. Vice President - Finance American Physicians Service Group, Inc. 1301 Capital of Texas Highway, C-300 Austin, Texas 78746 (512) 328-0888