APCapital’s ‘A-‘ Best Rating Affirmed

June 26, 2003

East Lansing, Mich.-based American Physicians Capital Inc. announced today that its “A-” (Excellent) rating has been reaffirmed by A.M. Best Co., the insurance industry rating organization.

The rating applies to the APCapital group and its insurance subsidiaries, American Physicians Assurance Corp., Insurance Corp. of America and APSpecialty Corp. Best also reported the rating outlook for the group as stable.

Best cited the group’s adequate capitalization, aggressive actions to improve operating results, and geographic and product diversification as rationale for awarding the rating. It also recognized the financial flexibility available to the group that is derived from the publicly traded parent company.

APCapital is a national provider of medical professional liability coverage and workers’ compensation through American Physicians Assurance Corp. and its other subsidiaries.

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